DBRS Updates List of Acceptable Third-Party Due Diligence Firms

DBRS, Inc. (DBRS) has today published its updated list of Acceptable Third-Party Due Diligence Firms. DBRS has added Global Financial Review as an acceptable due diligence firm for DBRS rated transactions.

In an effort to ensure that a third-party due diligence firm is acceptable, DBRS conducts an on-site review to assess the staffing, infrastructure and capabilities of the company. Acceptable firms typically have the following:

• Principals of the firm have significant market experience with appropriate operating processes and staff in place to perform the required tasks.
• Underwriting staff have a minimum of two years of industry experience.
• The firm’s underwriting criteria meet minimum industry standards for determining income, assets, employment and occupancy status.
• The firm has access to legal counsel and/or has the appropriate compliance software in place to accurately interpret state, local and federal regulatory compliance statutes.
• The firm has robust quality control procedures.
• The firm utilizes industry standard anti-fraud software.
• The firm has property valuation software and employs or contracts with property valuation specialists to accurately assess property values.
• The firm has significant systems capabilities and data checking capabilities.
• Disaster recovery procedures are in place and tested regularly.
• Appropriate security measures are in place to ensure compliance with consumer privacy laws.

For more information about the approval process or to schedule an on-site review please contact Kathleen Tillwitz at ktillwitz@dbrs.com or refer to our Third-Party Due Diligence Criteria for U.S. RMBS Transactions.

The DBRS Third-Party Due Diligence Criteria for U.S. RMBS Transactions as well as the DBRS Acceptable Third-Party Due Diligence Firms report can be found be clicking the links.