AOHLAlameda Oakland Home Learners (California)
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Satisfactory Originator Review and Track Record (Positive): Fitch conducted an operational review of AOMS and AOHL and assessed them as Average based on the companies' seasoned management team and extensive nonprime mortgage experience, a comprehensive sourcing strategy and sound underwriting and risk management practices.
Bank Statement Loans Included (Concern): Approximately 35% of the pool (173 loans) was made to self-employed borrowers underwritten to a bank statement program (32% was underwritten to a 24-month bank statement program and 3% to a 12-month bank statement program) for verifying income in accordance with either AOHL or AOMS' guidelines, which is not consistent with Appendix Q standards and Fitch's view of a full documentation program.