Standard & Poor's has set guidelines for the submission by issuers of marketing materials and applicable operative documents for RMBS deals, noting that these documents had previously been distributed to the rating agency closer to the transaction settlement date, thus giving less time for review.

S&P recently requested issuers that for all RMBS deals closing on or after Nov. 1, 2004, principal operative documents - such as pooling and servicing as well as mortgage loan agreements containing all necessary data including bond size, coupons and cash flow mechanics - be submitted for review by 9:00 a.m. New York time two business days before settlement or risk losing S&P's rating.

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