The rating services will put an emphasis on documentation of compliance with requirements for qualified mortgages and new ability-to-repay provisions. Credit-enhancement requirements appear as though they will be unchanged for the majority of jumbo MBS issued beginning in 2014, though issuers might have to make adjustments to prove to the rating services that they are compliant with new requirements from the Consumer Financial Protection Bureau. “Since most of what is being originated today already meets the standards of the rules, DBRS believes that the real challenge lies in unequivocally demonstrating QM and ATR compliance to the market and establishing confidence in the soundness of the systems and procedures that will be used to determine and ensure compliance,” DBRS said. The rating service recently released...