The high quality of German securitisation transactions is reflected in the standards of lending and loan processing. This is what the CERTIFIED BY TSI - DEUTSCHER VERBRIEFUNGSSTANDARD certificate stands for. The DEUTSCHER VERBRIEFUNGSSTANDARD brand is built on clearly defined rules for transparency, disclosure, lending and loan processing. These are the advantages for the users of the certification:
- High transparency for investors through detailed guidelines and templates for investor reporting.
- Exclusion of the ‘originate to distribute’ problem: The originator assures in a declaration of undertaking to follow clear rules for the granting and processing of loans as well as for the incentive systems of its sales and back-office operations. This ensures that securitised exposures and those that remain on the balance sheet are subject to the same lending and processing guidelines.
- Free access to relevant transaction information: the Offering Circular, the declaration of undertaking and all investor reports are published on our websites.
The TSI certification process follows a standardised procedure in nine steps. A lead time of approximately two months is estimated for the certification process before the closing of the transaction. In the case of a ‘frequent issuer’ or less complex transaction structures, the lead times may be shorter. In cases where a German SPV is used, the certification can be commissioned with TSI together with the establishment of the special purpose vehicle.
2. TSI is commissioned to certify a securitisation transaction
5. Coordination of investor reporting
6. Provision of the client’s declaration of undertaking
7. Certification meeting between client and TSI
- On the basis of the declaration of undertaking and the other certification documents, a final certification meeting takes place between the client and TSI
- In the course of this meeting, any open points or questions regarding compliance with the quality criteria are finally discussed and documented by TSI