OREANDA-NEWS. Fitch Ratings has published an updated U.S. RMBS Master Rating Criteria report. This report outlines Fitch's analytical framework for assessing the risks inherent in U.S. residential mortgage-backed securities (RMBS) transactions backed by newly originated and seasoned residential mortgages.

Fitch's rating approach considers the credit risks of the underlying collateral; the soundness of the credit enhancement (CE) and legal structures; and the quality of the financial and operational condition of the parties to the transaction. The report replaces Fitch's July 1, 2014 criteria report.

While no material changes have been made to the overarching process as outlined in this report, some clarifications were made with respect to Fitch's originator review process as it relates to the Consumer Financial Protection Bureau's Ability to Repay and Qualified Mortgage (ATR/QM) rule as well as secondary valuation expectation for loan level due diligence. Fitch also expanded its expectations for conducting delinquent loan reviews for determining breaches of reps and warranties for seasoned or re- and non-performing loan pools.