Global Financial Review Inc. (GFR), a Denver-based mortgage due diligence and asset management firm, has been approved by Standard & Poor's Ratings Services (S&P) as a third-party due diligence provider for U.S. residential mortgage-backed securities (RMBS).
Prior to issuing its approval, S&P reviewed GFR's experience, processes, capabilities, infrastructure, systems and business practices. The ratings agency published its ratings criteria for third-party review firms in November 2008, acknowledging that the use of third-party due diligence results in its rating process will increase transparency and enhance credit quality assessment. The published list of approved due diligence firms is updated by S&P quarterly.
"We appreciate S&P's recognition of our company's ability to add insight into the quality and validity of the loan origination information used in its RMBS ratings process," says GFR Founder and President Trenton Staley. "The reliability and transparency of loan-level data will be critical to the re-emergence of the private-label RMBS market."
SOURCE: Global Financial Review Inc.