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12 US RMBS THIRD-PARTY REVIEW FIRMS CONTINUE THEIR GROWTH ird-Party Review (TPR) firms have con- tinued their growth in US RMBS due diligence despite some slowdown in private label securitiza- tion activity. e TPR's primary focus has been on non-QM products along with increased involve- ment in closed-end second (CES) mortgages and home equity line of credit (HELOC) products. Fitch has added two TPR firms to its cover- age over the past five months and now views 24 firms as "Acceptable" for work on RMBS trans- actions. e newly added firms are Clarifii LLC and Indecomm Global Services. Clarifii LLC is a privately held firm based in Chagrin Falls, Ohio, that offers customized loan level due diligence with a focus on credit, valuation, and compliance services. Indecomm Global Services is a privately held firm located in Edison, New Jersey, that specializes in automation and enhanced loan level due diligence. Fitch's TPR firm review process includes a qualitative assessment of each firm's RMBS experience and evidenced work along with its involvement in industry initiatives. Fitch's assess- ment process includes a detailed questionnaire about operational performance metrics such as: • Company management and staffing • Underwriting process • Quality control • Valuation review process • Compliance • IT and reporting Fitch's current list of "Acceptable" TPR firms includes: • Adfitech, Inc. • Canopy Financial Technology Partners, LLC • Clarifii LLC • Clayton Services LLC • Consolidated Analytics, Inc. • Covius Real Estate Services, LLC • CrossCheck Compliance LLC • Digital Risk, LLC • Evolve Mortgage Services, LLC • Incenter LLC d/b/a Edgemac • Indecomm Holding, Inc. d/b/a Indecomm Global Services • Infinity International Processing Services, Inc. • Inglet Blair, LLC • Maxwell Diligence Solutions, LLC • MetaSource, LLC • Mission Global, LLC • Opus Capital Markets Consultants, LLC • Phoenix Collateral Advisors, LLC • Recovco Mortgage Management, LLC • Residential Real Estate Review • Selene Diligence LLC • SitusAMC • Sutherland Global Services, Inc. • e Stonehill Group, Inc. TPR firms perform independent reviews on a sample of loan files backing RMBS trans- actions in order to: • Compare reported loan-level data against information in the loan file • Review if the loans were underwritten according to stated underwriting guidelines • Confirm whether the values of the under- lying properties are supported • Determine if the loans were originated in accordance with laws and regulations Journal