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'Reg AB' Still a Source of Confusion.(Securities and Exchange Commission,)(Mortgage Bankers Association)
Chicago -- Regulation AB requires lenders and loan purchasers to provide static pool data for loans included in a securitization.
But the Securities and Exchange Commission has not provided any clear guidance on what a material percentage of a particular originator's loans in the pool is required for that originator to have to provide static pool data, said Richard D. Simonds Jr., a partner at the law firm Thacher Profitt & Wood.
This was part of the discussion at a panel session on the newly implemented regulation held at the Mortgage Bankers Association's National Secondary Market Conference here.
Kelly C. Johnson, senior vice president, secondary marketing at National City Mortgage Co., added that some people might require an originator to provide the static pool data no matter how few of its loans were in the transaction.
Part of the issue involves sellers who sell loans on a servicing-released basis, said Bill Felts, vice president, CitiMortgage Inc. These sellers do not have such data.
One solution has been for sellers who sell loans servicing released on a flow basis to be treated as a "qualified correspondent." Thus they are selling the loans to the purchaser's ...
- SEC Gives Lenders Some Slack on 'Reg AB'.(Securities and Exchange Commission)
- Magazine article from: Mortgage Servicing News Collins, Brian September 1, 2006 700+ words
WASHINGTON -- The Securities and Exchange Commission is giving servicers of asset-backed securities some latitude...be a reasonable basis for that change," she said. The Reg AB reporting requirements went into effect Jan. 1 and it is...
- SEC opens door for Reg AB practice round.(Securities and Exchange Commission)
- Newspaper article from: Asset Securitization Report Catton, Grant January 31, 2005 700+ words
The Securities and Exchange Commission has said it will begin accepting registration statements for...registration statement should be changed to better comply with Reg AB. Max Webb, head of the division's operations group, said...
- SEC official gives feelers on Reg AB implementation.(Securities and Exchange...
- Newspaper article from: Asset Securitization Report Sibayan, Karen February 5, 2007 700+ words
...call for clarification on Item 1122 of Reg AB. She also said that a telephone interpretation...criteria enumerated in Item 1122 (d) of Reg AB. Vendors are third parties employed by...executed specified servicing functions under Reg AB. In other words, there could be cases...
- SEC clarifies Reg AB provision on servicer reporting.(Securities and Exchange...
- Newspaper article from: Asset Securitization Report Sibayan, Karen February 12, 2007 700+ words
The Securities and Exchange Commission has released its telephone...enumerated in Item 1122 (d) of Reg AB. ABS market participants...still remaining true to Reg AB's aim of providing investors...response from the SEC regarding Reg AB Item 1115, which relates...
- More Reg AB issues to contend with despite SEC guidance.(Securities and...
- Newspaper article from: Asset Securitization Report Sibayan, Karen August 21, 2006 700+ words
The Securities and Exchange Commission recently released clarifying...confounding the industry about Reg-AB implementation. Meanwhile...attestations under item 1122 of Reg AB. Gainor also cited the issue...also no clear guidance under Reg AB when it comes to required...
- SEC clarifies Reg AB provisions.(Securities and Exchange Commission )(Brief...
- Newspaper article from: Asset Securitization Report Sibayan, Karen August 14, 2006 700+ words
Last week the Securities and Exchange Commission released clarifying guidance on Regulation AB -Item 1122, Compliance with applicable servicing criteria. Early in April, representatives...
- Fitch Survey: Reg AB May Have An Impact on 1Q06 Issuance.
- Press release article from: Business Wire October 24, 2005 700+ words
...servicers, and trustees. Reg AB issues must be addressed...their progress in becoming Reg AB compliant. Background...securities, the Securities and Exchange Commission (SEC) adopted Regulation AB (Reg AB), which codifies and expands...
- 'Reg AB' Still a Source of Confusion.
- News wire article from: Mortgage Line June 22, 2006 700+ words
...But the Securities and Exchange Commission has not provided any clear...that the Securities and Exchange Commission is being adamant about Reg AB, although there are moves...transactions are not covered by Reg AB). If the investor market...
- Reg AB: More transparency, but at what cost?
- News wire article from: The America's Intelligence Wire January 14, 2005 700+ words
...those that believe disclosure is the best disinfectant, the Securities and Exchange Commission's freshly minted asset-backed securities regulation, dubbed Reg AB, will be a welcome addition to the ABS marketplace for some. The rule is...
- Panelists zero in on Reg AB.
- News wire article from: The America's Intelligence Wire November 13, 2006 700+ words
...educating one another about Reg AB and its impact on ABS...expanded guidance about Reg AB disclosure requirements...of the Securities and Exchange Commission's telephone interpretations...market practices under Reg AB and the securities offering...
Source: HighBeam Research, 'Reg AB' Still a Source of Confusion.(Securities and Exchange...