Jurisdiction(s):
United Kingdom

Key definition

document definition

What does document mean? In legal practice, a document is any recorded information that may need to be preserved, disclosed, inspected or relied on as evidence, regardless of format. In England and Wales, cpr 31.4 defines “document” as anything in which information of any description is recorded. The Disclosure Pilot (PD 51U) confirms this includes electronic documents (emails, messages, databases) and associated metadata. Usage across the UK and Ireland is broadly consistent. In Scotland (productions/commission and diligence), legislation such as the Civil Evidence (Scotland) Act 1988 adopts a wide definition that includes electronic records. In Northern Ireland, discovery under the Rules of the Court...

RMBS transactions: structure, key parties, documents, payment waterfall, credit enhancement and regulatory requirements (risk retention, transparency, RFR transition)

Published by a LexisNexis Banking & Finance expert

Practice notes

An introduction to RMBS

This Practice Note outlines the framework of residential Mortgage-backed securities (RMBS) transactions, highlighting the principal participants, documentation and terminology involved. As with other financing methods and transactions, there are many ways in which the precise terms of any given deal may operate; these variations fall outside the scope of this Practice Note. It summarises the structure of such transactions and the principal parties, documents and terms they typically involve.

Residential mortgage-backed securities (RMBS) are debt instruments whereby income generated by one or more pools of residential loans (loans) is applied to fund payments of interest and principal owed to noteholders. Security is taken over those loans and their related Mortgages, which serve as collateral for amounts payable on the notes.

RMBS transactions can be relatively simple pass-through instruments, or they can be complex, involving numerous parties and arranged in different structures and forms. The key features of a single issuance RMBS are summarised as follows:

A newly incorporated, insolvency-remote special purpose vehicle (SPV) (the issuer) is established and raises funds by issuing RMBS to noteholders in the public or private debt markets...

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Victoria Morton

Paul Hastings LLP

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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