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'Reg AB' May Vex Industry.
Washington -- Private-label issuers, servicers and their auditors are still grappling with the testing and reporting requirements of the Securities and Exchange Commission's new asset-backed securities regulation and need more time to adjust, according to the Mortgage Bankers Association.
There is confusion about the role and responsibilities of the various parties in filing "Compliance with Applicable Servicing Criteria" reports (Item 1122) under SEC Regulation AB, the MBA says in a letter to the commission.
The MBA is urging the SEC to modify the initial reporting period so that servicers are not forced to report noncompliance with their servicing contracts and "unnecessarily alarm" ABS investors.
"MBA believes that planning and performance of Item 1122 engagements under Regulation AB has been delayed for legitimate reasons that call for leniency in this initial reporting year," the MBA says in the March 13 letter. While compliance testing should be conducted throughout 2006, the MBA is recommending that noncompliance be reportable only if it is identified in the ...
- MBA: SEC's Reg AB Relief May Not Be Enough.
- Magazine article from: National Mortgage News Collins, Brian April 17, 2006 700+ words
...Ms. Utermohlen said. MBA has asked the SEC to delay...reporting period for the Reg AB compliance report. Mr...the SEC is considering MBA's request, but it did...required under Item 1122 of Reg AB. The MBA maintains that more time...
- Fitch Survey: Reg AB May Have An Impact on 1Q06 Issuance.
- Press release article from: Business Wire October 24, 2005 700+ words
...disclosures. Full compliance with Reg AB requirements is fast approaching...have been working on the Reg AB initiative since early 2005...indicated that they plan to be Reg AB compliant by Dec. 31, 2005...trade groups such as the MBA, CMSA, ASF, and accounting...
- Reg AB is here to stay: what does this mean for servicers? New rules cover the...
- Magazine article from: Bank Accounting & Finance Seelig, Mike Morris, LaWanda Knox, Tom February 1, 2007 700+ words
...section] 229.1123. The section of Reg AB that is of primary importance to servicers...Mortgage Bankers Association of America (MBA). The MBA first issued the USAP in...management responsibilities, and so Reg AB added criteria to include the following...
- SEC official gives feelers on Reg AB implementation.
- News wire article from: The America's Intelligence Wire February 5, 2007 700+ words
...clarification on Item 1122 of Reg AB. She also said that...concept. The ASF and MBA wanted to clarify...Item 1122 (d) of Reg AB. Vendors are third...has complied with Reg AB provisions or not...made by the ASF and MBA in their request for...
- SEC official gives feelers on Reg AB implementation.(Securities and Exchange...
- Newspaper article from: Asset Securitization Report Sibayan, Karen February 5, 2007 700+ words
...clarification on Item 1122 of Reg AB. She also said that...concept. The ASF and MBA wanted to clarify...Item 1122 (d) of Reg AB. Vendors are third...has complied with Reg AB provisions or not...made by the ASF and MBA in their request for...
- A challenging servicing environment: commercial mortgage servicers and their...
- Magazine article from: Mortgage Banking Eshoo, Lori July 1, 2007 700+ words
...In a May 24, 2007, MBA NewsLink article titled "Reg AB Auditors Generally Pleased...Other concerns about Reg AB compliance include differences...to be addressed by the MBA Regulation AB Working...forced to comply with Reg AB be clear about its provisions...
- 'Reg AB' May Vex Industry.
- News wire article from: Mortgage Line Collins, Brian May 11, 2006 700+ words
...this initial reporting year," the MBA says in the March 13 letter. While...be conducted throughout 2006, the MBA is recommending that noncompliance...SEC officials will be speaking at a Reg AB conference the MBA is sponsoring April 10-11 in Washington...
- 'Reg AB' Still a Source of Confusion.
- News wire article from: Mortgage Line June 22, 2006 700+ words
...Exchange Commission is being adamant about Reg AB, although there are moves afoot to...For additional coverage from the MBA Secondary Market conference, see page...private transactions are not covered by Reg AB). If the investor market asks for...
- 'Reg AB' Still a Source of Confusion.(Securities and Exchange...
- Magazine article from: Mortgage Servicing News June 1, 2006 700+ words
...Exchange Commission is being adamant about Reg AB, although there are moves afoot to...For additional coverage from the MBA Secondary Market conference, see page...private transactions are not covered by Reg AB). If the investor market asks for...
- SEC Guidance Eases Reg AB: 'Millions of dollars of annual reporting costs will...
- Magazine article from: Mortgage Servicing News Sinnock, Bonnie March 1, 2007 700+ words
...from certain reporting requirements of Reg AB's item 1122 late last year and the...other market participants in the ASF/MBA group that requested the guidance are...the servicer." This ensures that "Reg AB's aim of investor protection by requiring...
Source: HighBeam Research, 'Reg AB' May Vex Industry.