Allonhill, a Denver-based, independent third-party review firm specializing in mortgage due diligence and credit risk management, has announced the release of a complete securitization solution for issuers and underwriters of residential mortgage-backed securities (RMBS).
According to the company, this new approach to RMBS transactions offers issuers a turnkey solution by meeting the requirements of all four major credit rating agencies for third-party review firms. Allonhill's announcement is being billed as the first complete securitization solution incorporating the latest industry requirements in the wake of the mortgage collapse.Â
Allonhill's approach incorporates new requirements of major credit rating agencies; scientific sampling methodologies and practices that are documented and incorporated into the system; tracking and reporting of loan errors, exceptions and their resolution; and a signed attestation of Allonhill's review procedures, findings and their disclosure.
‘We are rewriting the securitization process,’ said Sue Allon, CEO. ‘We're proud to be the first third-party review firm to market with a comprehensive approach addressing the needs of a variety of market participants, to help bring our industry back to life in a responsible way.’
Allonhill's offering also includes a desk reference manual for clients detailing rating agency requirements and the firm's sampling methodology.