...This report outlines Fitch Ratings' analytical framework for assessing the risks inherent in U.S. residential mortgage-backed securities (RMBS) transactions backed by newly originated and seasoned residential mortgages. Fitch's rating approach considers the credit risks of the underlying collateral; the soundness of the credit enhancement (CE) and legal structures; and the quality of the financial and operational condition of the parties to the transaction. This report replaces the July 2013 "U.S. RMBS Rating Criteria." While no material changes have been made to the overarching process as outlined in this report, key rating driver-related criteria, as listed to the left, may be periodically updated with material revisions....
