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Abstract
This article explains the need for an independent mortgage loan review process in connection with the securitization of mortgage loans, the U.S. SEC’s new stipulation that any diligence firm named to a transaction will be held to expert status, and five key areas the diligence industry must address to shoulder the extra burden of being held legally liable for statements: a certification process for expert firms, a certification process for analysts, standards for training, standards for loan reviews, and a governing body of peers. It is premature to hold a firm to expert status before the industry is ready to step up and provide the other mechanisms that will enable firms to perform at that level.
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Don’t have access? Click here to request a demo
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