1 minute readCredit ratings agency DBRS approved American Mortgage Consultants as a third-party due diligence firm, according to the New York based risk management firm. AMC provides loan-level intelligence for mortgages set to be wrapped into securities. The company ascertains the level of risk in the deals by verifying the information provided by borrowers and gathered by lenders. Credit ratings agencies then verify if the due diligence firm data gathering is to a certain standard. For its part, DBRS is stepping up its efforts to approve due diligence firms, AMC said. The in-depth assessment includes DBRS conducting on-site review of due diligence systems to check the procedures, personnel and level of capacity. AMC performs reviews on MBS regularly. The approval by DBRS confirms that the work is solid. AMC already has approval as a third-party due diligence firm from Standard & Poor’s. Write to Jacob Gaffney. Follow him on Twitter @jacobgaffney.
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio