One rather dull but important message which I tried to put across to my Russian friends was to get the systems and procedures up to a rated standard as soon as possible. Even if no securitisation is planned in the near future, the lead time to a transaction is much reduced. In addition, it usually makes the company more efficient.
RHF took one customer through the process of obtaining a servicer rating. The rationale was to be able to generate fee income by acting as servicer or backup servicer on others' deals, but the customer is now without question in a stronger position to do a structured finance deal as and when appropriate.
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