...COLT 2023-3 Mortgage Loan Trust (September 2023) The representations, warranties and enforcement (RW&E) mechanisms contained in the transaction's offering documents available to investors for COLT 2023-3 Mortgage Loan Trust are substantially comparable to those typically contained in U.S. RMBS prime transactions, as described in Fitch Ratings' research, Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions, dated May 2016. For this transaction, representations and warranties are provided by the originator of the underlying mortgage loans or the sponsor. The transaction's offering documents do not include the following RW&Es that Fitch considers typical for transactions: 1) Automatic review for potential breaches of representations outside of losses due to Ability to Repay (ATR) claims. The decision to review for a potential breach is initially at the discretion of the controlling holder or the owner of the most subordinate class of bonds outstanding....
