Mary Kelsch, a senior director at Fitch Ratings, has been named to oversee the newly merged U.S. RMBS Servicer Rating and Originator Review teams of Fitch's Operational Risk Group."Consolidating the two [residential mortgage-backed securities] Operational Risk teams under a single manager will allow the synergy needed during this cycle in the industry," said Diane Pendley, a Fitch managing director. "The quality of origination, uniqueness of products, and issues such as early payment defaults and fraud greatly impact the actions of the servicer. In reverse, the servicer's ability to monitor and report on these issues, as well as to contain or control defaults and losses they may cause, should be brought back into the review of the originators' platforms." Ms. Kelsch, a 10-year veteran of Fitch, was instrumental in developing the company's RMBS servicer rating program, the rating agency said.
-
Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
3h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
4h ago -
The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
4h ago -
The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
4h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
5h ago -
The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
5h ago