Allonhill released a complete securitization solution for RMBS issuers and underwriters.
The firm said the new approach to securitizations offers issuers a turn-key solution by meeting the requirements of all four major credit rating agencies for third party review firms.
Allonhill’s approach offers transparency and reliability for the loans underlying mortgage securities. “We are rewriting the securitization process,” said Allonhill CEO Sue Allon. “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 approach incorporates the 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 as well as a signed attestation of Allonhill’s review procedures, findings and their disclosure
Allonhill’s offering includes a desk reference manual for clients detailing rating agency requirements and the firm’s sampling methodology.
The new approach involves every aspect of the securitization process, from pre-sale due diligence, transaction preparation and rating agency compliance to post-securitization risk monitoring.
Allonhill analysts also have access to a whistle-blower service, Ethics Point, giving investors a new level of confidence that the due diligence process is free of outside influence. The third-party service enables anyone working on a securitized transaction to report attempts to modify data or otherwise influence Allonhill’s findings, instantly and anonymously.
Allonhill also adopted the American Securitization Forum’s new universal mortgage loan identification code, ASF LINC.
Denver-based Allonhill is an independent third-party review firm specializing in mortgage due diligence and credit risk management.