Credit 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
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