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Jurisdiction(s):
United Kingdom
Related legal acts
Key definition
Residential Mortgage Backed Securities definition

What does Residential Mortgage Backed Securities mean? Debt securities whose interest and principal are paid from the cash flows of a pool of residential mortgage loans (including owner‑occupied and buy‑to‑let). In practice, the originator sells the mortgages to a bankruptcy‑remote special purpose vehicle (SPV), which funds the purchase by issuing notes to investors; borrower repayments are applied through a cash flow waterfall across tranches (senior, mezzanine, subordinated). “Residential mortgage backed securities” (RMBS) is a market term rather than a statutory definition, but the structure falls within “securitisation” and “securitisation position” under the UK Securitisation Regulation and the EU Securitisation Regulation (applicable in Ireland), engaging 5% risk retention, due...

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RMBS transactions: the core document suite and key legal considerations from pricing to closing

Practice notes
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This Practice Note assesses the documents needed for a Residential Mortgage Backed Securities (RMBS) transaction from pricing to closing, naming the key parties to each and the principal points to weigh...

The key documents are:

  • offering document
  • Subscription agreement/note purchase agreement
  • agreed upon procedures letter
  • trust deed
  • deed of charge
  • paying agency agreement
  • mortgage sale agreement
  • mortgage administration agreement
  • standby mortgage administration agreement
  • cash management agreement
  • liquidity facility agreement
  • master definitions schedule
  • corporate services agreement
  • bank account agreement
  • swap documents
  • legal opinions
  • risk retention memorandum
  • Volcker memorandum
  • risk retention letter
  • reporting designation letter

Each will be addressed in turn below...

Signing date

The documents below are settled and executed before the RMBS is announced and priced...

Offering document

Parties involved in the preparation:

  • issuer
  • arranger
  • managers

Key points to consider

The offering document is the principal regulatory disclosure and marketing text for the RMBS issuance. Sufficient disclosure must be included in this document as the issuer...

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Victoria Morton
Victoria Morton

Ms Morton is an associate in the London office of Paul Hastings. Ms. Morton advises clients such as sponsors, issuers, servicers and rating agencies on a range of finance transactions, including RMBS and large loan portfolio acquisitions....

Web page updated on 21/05/2026

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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

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I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

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