DBRS Adds The Barrent Group to List of Approved Due Diligence Firms
Due diligence and QC company is now approved by global credit rating agency DBRS
URBANDALE, Iowa, May 10, 2018 /PRNewswire/ -- The Barrent Group, a top provider of mortgage loan due diligence, quality control and consulting services, has been added to DBRS list of acceptable due diligence firms for DBRS-rated transactions.
DBRS conducts a review process as part of its approval to assess the staffing, infrastructure and capabilities of due diligence firms. It also conducts an on-site review to ensure that a firm is acceptable.
"We are very pleased to be added to DBRS list of third-party RMBS due diligence providers," said Richard Barrent, president of The Barrent Group. "The independent evaluation of due diligence firms for RMBS transactions provides assurance to mortgage investors on the quality of the underlying assets."
According to DBRS, the compliance review performed by a due diligence firm is to verify and confirm that each loan in the sample complies with all federal, state and local legislations and rules, including, but not limited to, the Truth In Lending Act (TILA), Home Ownership and Equity Protection Act (HOEPA) and Real Estate Settlement Procedures Act (RESPA), as well as any jurisdictional predatory or abusive lending laws.
The Barrent Group is also included on Fitch Ratings' list of third party review (TPR) firms, as well as Standard & Poor's Global Ratings (S&P) list of third-party due diligence providers for U.S. residential mortgage-backed securities (RMBS).
As part of the assessment of third party review firms, rating agencies consider various factors, including the company's track record, depth of underwriting knowledge and experience, internal audit protocol, technology and reporting capabilities.
"The Barrent Group's approval by DBRS, S&P and Fitch gives our clients peace of mind when engaging us for quality control reviews and mortgage loan due diligence," Barrent said. "Our many years of experience reviewing the full spectrum of residential mortgage products give us an exceptional level of expertise in the industry."
About The Barrent Group
The Barrent Group is an Urbandale, Iowa-based firm founded in 2008 by Richard Barrent, a former executive with Wells Fargo Home Mortgage, and Richard Levitt, a retired vice chairman of Wells Fargo & Company. The company provides customizable due diligence, pre- and post-closing quality control, and risk management services for a full range of mortgage products. The company also provides consultancy services and customized risk analyses for acquisitions, new businesses, rapid growth, and more. The Barrent Group's executives have decades of experience analyzing the full spectrum of residential mortgage products — from conforming and jumbo prime loans to non-performing and re-performing loans — for clients that include mortgage lenders, investors, servicers, hedge funds, insurance companies and other organizations that originate, purchase, sell and service first and second trust deeds. For more information, visit the company's website www.barrentgroup.com.
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SOURCE The Barrent Group
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