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SEC Guidance Eases Reg AB: 'Millions of dollars of annual reporting costs will be saved.'.
NEW YORK -- Mortgage securitization market participants can avoid paying millions of dollars of audit attestation fees and the burden of compiling reports from hundreds of vendors thanks to a Feb. 2 Securities and Exchange Commission move made in response to a request by industry groups. "Millions of dollars of annual reporting costs will be saved" under the new SEC guidance on a portion of its new Regulation AB, said Tom Deutsch, associate director of the American Securitization Forum.
An ASF/Mortgage Bankers Association group had requested relief from certain reporting requirements of Reg AB's item 1122 late last year and the guidance the SEC provided in its Feb. 2 interpretation of this item is "fundamentally, in all material respects ... the ... interpretation we requested," Mr. Deutsch told this publication.
The SEC's guidance is "most beneficial" to the residential mortgage-backed securities industry "because there is a much larger number of vendors in the RMBS market" than in other securitized product areas, said Mr. Deutsch. However, the guidance is helpful to non-mortgage securitization market participants as well, he said.
The guidance "is what we were looking for," Bill Felts, senior vice president and director of mortgage finance at CitiMortgage, told NMN. He said he and other market participants in the ASF/MBA group that requested the guidance are "pleased with the SEC reviewing the issue and understanding the points we were ...
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- Newspaper article from: Asset Securitization Report Sibayan, Karen August 21, 2006 700+ words
...are still confounding the industry about Reg-AB implementation. Meanwhile, other market...assessment and attestations under item 1122 of Reg AB. Gainor also cited the issue of third...there is also no clear guidance under Reg AB when it comes to required financial disclosure...
- SEC Move Cuts Reg AB Costs: 'Millions of dollars of annual reporting costs will...
- News wire article from: Mortgage Line Sinnock, Bonnie March 5, 2007 700+ words
...will be saved" under the new SEC guidance on a portion of its new Regulation...from certain requirements of Reg AB's item 1122 late last year...April 2, he said. The new SEC guidance is elective and says it allows...servicer." This ensures that "Reg AB's aim of investor ...
- SEC clarifies Reg AB provision on servicer reporting.(Securities and Exchange...
- Newspaper article from: Asset Securitization Report Sibayan, Karen February 12, 2007 700+ words
...still remaining true to Reg AB's aim of providing investors...from the SEC regarding Reg AB Item 1115, which relates...to the level of needing SEC guidance, many market participants...reporting requirements under Reg AB. (c) 2007 Asset Securitization...
- Reg AB Deadline Looms as Servicers Contemplate New Rules.
- Magazine article from: National Mortgage News Cornwell, Ted December 4, 2006 700+ words
...issued guidance highlighting the role that Reg AB will play in servicer evaluation criteria...industry realize. S&P plans to factor Reg AB compliance into its 2007 servicer ratings...or USAP standards, is not sufficient. Reg AB's standards "significantly exceed those...
- Servicers Face Challenges Related to Reg AB Transition: 'We expect the scope of...
- Magazine article from: Mortgage Servicing News Cornwell, Ted February 1, 2007 700+ words
...issued guidance highlighting the role that Reg AB will play in servicer evaluation criteria...industry realize. S&P plans to factor Reg AB compliance into its 2007 servicer ratings...or USAP standards, is not sufficient. Reg AB's standards "significantly exceed those...
- Non-U.S. issuers still sorting out Reg AB: People split on whether new rules...
- Newspaper article from: Asset Securitization Report McGeer, Bonnie January 23, 2006 700+ words
How Reg AB will impact foreign issuance in the U...the American Securitization Forum, said Reg AB allows non-U.S. issuers to have S...do a U.S. deal,'" one source said. Reg AB, which took effect January 1, requires...
- Market braces for Reg AB.
- Newspaper article from: Asset Securitization Report McGeer, Bonnie January 9, 2006 700+ words
As Reg AB took effect Jan. 1 - just a month after...was an especially difficult process." Reg AB aims to increase transparency in public...first quarter year-on-year, because of Reg AB compliance issues. He anticipated that...
- Panelists zero in on Reg AB.(Regulation AB )(Discussion)
- Newspaper article from: Asset Securitization Report Sibayan, Karen November 13, 2006 700+ words
...matter. On Monday's opening panel, Reg AB was one of the topics of discussion. Paul...additional costs that the implementation of Reg AB entails, he likes it as an investor because...edge. At the panel held Sunday entitled Reg AB and the Investor' panelists were talking...