Denver-based Allonhill was approved by Standard & Poor’s to perform third-party reviews on RMBS.
This certification means the credit risk management firm is an approved contractor to perform due diligence on publicly traded RMBS. S&P designed the program to help firms identify third-party review firms that meet the highest standards of accuracy, accountability, transparency and independence.
The months-long review by S&P explored all aspects of Allonhill’s business, such as experience, systems, infrastructure and policies.
“This is an important milestone and validation for our company that we are doing the right things to both produce superb results for our clients and fix problems that contributed to the mortgage meltdown,” said company founder and CEO Sue Allon. “I applaud S&P’s recognition of the importance of high-quality third-party reviews in restoring confidence in our industry.”
S&P announced more stringent policies around its ratings late last year, including a new assessment for third-party review firms that perform due diligence on securities.
Allonhill has grown since its founding in 2008, doubling the number of full-time employees in the past five months as well as tripling its workforce in the past year. The company works with some of the country’s largest investment banks, other private investors and government agencies.
“We set out to reinvent the mortgage industry with the best people, systems and approach in the market,” Allon said. “The approval by S&P is one more indication that we’re achieving just that.”