The Securities and Exchange Commission has issued long-awaited guidance that should make it easier for servicers to comply with the SEC's new testing and reporting requirements on asset-backed securities, which went into effect Jan. 1."We think this new guidance really will go a long way to addressing a lot of nagging questions that people have been struggling with over the past year," said Alison Utermohlen, senior director at the Mortgage Bankers Association. Under the SEC's regulation AB (Item 1122), servicers are required to assess their compliance with a list of servicing activities and hire accountants to test the accuracy of their assessment. The written guidance, which the SEC calls "Telephone Interpretations," addresses a range of issues, including testing platforms. The SEC clarified that servicers can divide ABS by asset type (residential or commercial) for testing and reporting purposes. They can also define their testing platforms by the servicing systems they use. However, platforms have to be consistent from year to year. "If there is a change, there has to be a reasonable basis for that change," Ms. Utermohlen said.
-
Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
1h 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.
3h ago -
The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
3h ago -
The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
3h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
4h ago -
The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
4h ago