DBRS Morningstar Publishes Final Representations and Warranties Criteria for U.S. RMBS Transactions

DBRS Morningstar finalized its “Representations and Warranties Criteria for U.S. RMBS Transactions” criteria (the Criteria).

This Criteria outlines the representations and warranties framework expected by DBRS Morningstar in U.S. RMBS securitizations.

The Criteria supersedes the prior version published on April 22, 2020, and is effective as of May 16, 2023.

There were no comments received during the Request for Comment period, which ended on May 14, 2023.

DBRS Morningstar deems the update to be material due to the inclusion of the representations and warranties framework for single-family rental and reverse-mortgage transactions. No ratings are expected to change as a result of this update.

All comments received during the request for comment period have been published to the DBRS Morningstar website, except in cases where confidentiality is requested by the respondent.

Notes:
DBRS Morningstar methodologies are publicly available on its website www.dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

For more information on this methodology or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].