Altavera Mortgage Services, a provider of outsourced residential mortgage origination services that is owned by Computershare, has announced that the company has been approved as a third-party due diligence provider for U.S. residential mortgage-backed securities (RMBS) by Standard & Poor’s Global Ratings (S&P).
Altavera provides investors and correspondent aggregators with a full range of closed-loan file review services for agency and non-QM residential mortgages, including validation of product acceptability to investor guidelines, credit decision and supporting documentation, QM/ATR requirements, regulatory compliance, property valuation, and closing documentation.
Brian Simons, President of Altavera, said, “Altavera’s clients are demanding greater transparency than ever when it comes to loan data and documentation, and that expectation will only intensify when appetite for private-label securities returns. Our deep experience and customized approach sheds light on loan quality and consistency and help investors mitigate risk and expense.”
According to Altavera, S&P uses a systematic methodology and rigorous criteria that encompass mortgage loan data quality, compliance with originator underwriting guidelines, property valuation, and regulatory compliance. Altavera joins a network fewer than a dozen organizations that are included in S&P’s list of reviewed third-party due diligence firms that have met the necessary criteria.
Nick Oldfield, CEO of Computershare Loan Services, said, “Altavera’s inclusion in S&P’s exclusive list of reviewed RMBS due diligence firms is exactly the kind of achievement we expected when we decided to invest in the firm. It’s also a natural complement to the clean sweep of high S&P, Fitch and Moody’s ratings earned by Specialied Loan Servicing (SLS) and Computershare’s UK mortgage servicing businesses.”