U.K. nonconforming lenders take into consideration different factors when assessing the impact of interest rates, the borrowers' other debt payments and their income. These different components could ultimately affect the way non-conforming RMBS deals are rated going forward, said Fitch Ratings in a report on the sector last week.

In underwriting loans, many lenders have turned away from the simple income multiple towards a more involved calculation of monthly debt payments as a percentage of net income. The major driver for this market-wide development has been regulation.

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