Fitch Ratings published its criteria for rating securitizations of residential mortgage servicer advance receivables. The sector has seen a slow rise in new issuance in recent months.

In  a  servicer  advance  receivables trust (SART), the servicer pledges advance  receivables  from  selected pool(s) of RMBS transactions. According to  the  underlying  Pooling  and  Servicing  Agreements  (PSAs),  RMBS deals need for  servicers  to  advance  delinquent  principal and interest  as  well  as  other  expenses,  until  the advances are deemed non-recoverable. 

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