Industry Standards

I am just returning from New York City where I attended MBA’s Commercial/Multifamily Servicing and Technology Conference 2010. Most of the major master, special and primary servicers attended. The proposed SEC changes to Regulation AB were discussed at almost every panel.

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In addition to the rating agency rules that go into effect on June 2, the SEC has asked for public comment on extensive changes to SEC securitization rules, known as Regulation AB.

I am actively participating in developing both the MBA/MISMO and the CREFC responses to the proposed changes. This process provides a forum to promote the adoption of XML standards, which I am also actively participating in. Below is my summary of where we are with our current disclosure levels, what the industry goal should be, and a recommendation for a solution.

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I attended the CREFC After-Work Seminar – SEC Disclosure Requirements this week on the new SEC rule (Rule 17g-5) that goes into effect June 2. The rule is designed to address the perceived conflict of interest that rating agencies have as a result of issuers paying for ratings.

The rule requires issuers and hired rating agencies to maintain password-protected websites to share rating information with non-hired rating agencies.

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We have been jammed getting two new clients live (one Backshop license and one CMBS data user) and delivering major loan servicing features for an existing client. As we finish up, we are turning our attention to doing a Backshop enterprise software delivery, launching our document service and closing more business.

I will be in New York next week attending an industry event — After-Work Seminar – SEC Disclosure Requirements — hosted by the CREFC (formerly know as CMSA). I will report next week on the latest developments.

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I assumed the SEC wouldn’t begin making new rules on disclosure until Congress/Obama passed the financial reform bill. Wrong. Last week, the SEC proposed a bunch of new securitization rules that represent real change and are already drawing controversy.

Download: SEC Proposal Summary : SEC Proposal Details

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