Residential Mortgage Finance

At the forefront of residential mortgage finance

Dechert is at the forefront of residential mortgage loan acquisitions, servicing and residential mortgage-backed securities (RMBS). Our lawyers represent issuers, underwriters, servicers and investors in a variety of RMBS transactions.

Dechert represents buyers and sellers of pools of performing mortgage loans, non-performing mortgage loans and REO. We also advise clients in connection with the financing of pools of mortgage loans through warehouse and repurchase facilities.

As counsel to mortgage servicers, Dechert advises on a wide variety of matters, including compliance with Regulation AB requirements and the establishment of procedures necessary to comply with securitization servicing standards.

Dechert advises clients on the incorporation and use of blockchain in the origination, purchase, sale, servicing and financing of financial assets.  We also advise clients on structuring loan programs secured by real estate and cryptocurrencies.

Representing Issuers and Underwriters

We represent issuers and underwriters in transactions involving performing (qualified mortgage (QM) and non-QM) mortgage loans, second liens, home equity lines of credit (HELOCs), reverse mortgage loans, “fix and flip” loans and manufactured housing contracts. Working collaboratively with our tax partners, we address the complex issues arising from structured finance transactions, which involve virtually every tax and cash-flow structure and form of credit enhancement.

Dechert works with clients to review and assess issues arising under their pooling and servicing agreements and whole loan agreements related to servicing procedures, bond payment waterfalls and liability for representations and warranties. Our lawyers are experienced in efficiently reviewing and analyzing large numbers of whole loan sale and servicing agreements and pooling and servicing agreements for these important issues.

Single-Family Rental Transactions

Dechert is a market leader in single-family rental (SFR) finance and securitization transactions since the birth of the market following the credit crisis. Dechert represents lenders, borrowers, investors, issuers and investment banks on many of the most complex and important SFR transactions. As early as 2012, Dechert began working with our clients to develop their SFR lending and securitization platforms. Dechert attorneys have since completed a variety of complex SFR transactions for many clients, including numerous warehouse facilities, term loans and single-borrower securitizations.

Our most recent industry recognitions include:

• Ranked by Chambers and Partners USA as a leading firm for Capital Markets: Securitization with areas of strength across ABS, CLO, CMBS and CRE CLO transactions.
• Ranked as a top law firm for Nationwide Real Estate, New York Real Estate Finance and Pennsylvania Real Estate Finance by Chambers and Partners USA.
• Shortlisted for "RMBS Law Firm of the Year" at the GlobalCapital US Securitization Awards.
• Named a "Real Estate Practice Group of the Year" at the Law360 Practice Groups of the Year Awards.
• Ranked as top issuer counsel for SFR transactions, according to Asset-Backed Alert.
• Ranked for Structured Finance: Securitization by The Legal 500 US.
• Ranked Tier 1 for Real Estate: Finance by The Legal 500 US.
• Ranked by IFLR1000 as a leading firm in the United States and the United Kingdom for Structured Finance: Securitization.