Is your business ready for 15ga-1?. SEC rule 15Ga-1, which takes effect in the first quarter of 2012, requires all issuers to disclose their past history of repurchase demands, whether successful or unsuccessful, for breaches of reps and warranties on pool assets, and applies to both public AND private deals. Ratings agencies will also be required to include repurchase history and breach enforcement mechanisms in their ratings reports. SSI is pleased to announce that 15Ga-1 reporting is now available within LMS, its industry-leading loan management system. This enhancement, available as a configuration release to licensees of its claims module, simplifies the complex and potentially burdensome requirements of 15Ga-1 with real-time, turnkey reporting that is completely integrated with LMS loan data and your repurchase workflow.

15Ga-1 is only the first of several SEC compliance rules being phased in this year. Rule 193 imposes new due diligence documentation requirements - in particular requiring issuers to document not only diligence results but diligence processes. SSI will continue enhancing LMS to provide clients with solutions to these and future regulatory requirements so they can re-grow their businesses while keeping compliance costs contained.

The 15Ga-1 reports are available to licensees of the LMS claims module who are under standard maintenance, and requires LMS 18.13 or higher. Current clients should contact SSI client support at support@streetsolutions.com for more details. For more information on SSI's repurchase solutions, use the information request page or mail sales@streetsolutions.com

Street Solutions has enhanced its data model to support the 100+ pool and loan-level data fields required by the American Securitization Forum's Disclosure Package, the first phase of the organization's Project RESTART.  This Disclosure Package will provide standardized mortgage pool and loan-level data, thereby expanding existing issuer disclosure to investors and rating agencies.  This information will be equally available to all market participants.

Project RESTART is an industry-developed initiative to help rebuild investor confidence and liquidity in MBS and ABS, restore capital flows to the securitization markets, and ultimately increase the availability of affordable credit to all Americans.

In addition, a supplemental electronic file will be attached that separates information determinable only at the time of securitization as opposed to the origination-based information contained in the Disclosure Package.  All requisite fields have been implemented into LMS, ensuring SSI clients will be ready for a resurgent non-agency market.

By supporting Project RESTART's data requirements, Street Solutions is helping clients improve the securitization process by reshaping critical information and data flows.  We support ASF's attempts to promote well-functioning markets through increased disclosure of mortgage loan-level information, and hope its efforts to restore investor confidence will lead to a more robust securitization market.