ResiEMEA User
Documentation
Table of Contents
Contents
1
Introduction
2
ResiEMEA version 200 replaces ResiEMEA version 1.2.1
2
ResiEMEA System Requirements
2
Downloading ResiEMEA
3
Using ResiEMEA
3
Further Assistance and Error Reporting
4
Introduction
5
Data Input Template
6
Validation Wizard
9
Starting the Wizard
9
Step 1: Upload
11
Step 2: Data Check
13
Step 3: Validate
15
Step 4: Certify
18
Other Validation Features
20
View Pool
20
Open Data Files
20
Pool Comments
20
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ResiEMEA User Documentation
1
Introduction
Thank you for downloading the ResiEMEA model.
ResiEMEA is an analytical model that helps with the risk assessment of residential mortgage loans in accordance
with Fitch Ratings' RMBS criteria. Currently for the UK, the Netherlands, Italy, Ireland, Spain, Germany and
Portugal, ResiEMEA will subsequently be extended to cover other jurisdictions. Fitch Ratings uses the model as
the first stage in the quantitative analysis of an EMEA RMBS transaction and to help determine the expected
default probability, loss severity and recovery on a loan-by-loan basis for transactions. The outputs from the model
can be utilized as inputs for RMBS cash flow modelling purposes. In addition, investors will be able to input postclosing pool cuts into ResiEMEA for surveillance purposes.
ResiEMEA refers to Fitch Ratings’ current criteria for UK, Irish, Dutch, Italian, Spanish, German and Portuguese
RMBS:
"EMEA Criteria Addendum - United Kingdom - Mortgage Loss and Cash Flow Assumptions”, published 9 August 2012
"EMEA Criteria Addendum - Ireland - Mortgage Loss and Cash Flow Assumptions”, published 1 August 2012
"EMEA Criteria Addendum - Netherlands - Mortgage Loss and Cash Flow Assumptions”, published 14 June 2012
"EMEA Criteria Addendum - Italy - Mortgage Loss and Cash Flow Assumptions”, published 30 July 2012
"EMEA Criteria Addendum - Spain - Mortgage Loss and Cash Flow Assumptions”, published 24 July 2012
"EMEA Criteria Addendum - Germany - Mortgage Loss and Cash Flow Assumptions”, published 7 August 2012
"EMEA Criteria Addendum - Portugal - Mortgage Loss and Cash Flow Assumptions”, published 31 July 2012
ResiEMEA version 3.9.0.e replaces ResiEMEA version 3.8.0.e
Please note that ResiEMEA version 3.8.0.e will no longer be supported by Fitch and no updates or further
releases will be made to this version. It will also cease to be used internally by Fitch.
ResiEMEA System Requirements
Please note that the minimum system requirements to access and install the ResiEMEA model are as follows:
Operating System

Windows XP or Vista
Software

Excel 2003 and Access 2003, or Excel 2007 and Access 2007
Other Requirements

You need write access to the directory in which the model is installed

In Excel, macros must be enabled for the model to function correctly
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Downloading ResiEMEA
Please note that to be able to download and install the Fitch Ratings’ ResiEMEA you must have access to the
Internet. To download Fitch Ratings’ ResiEMEA:
1. Launch your Internet browser and go to the Fitch Ratings website at
www.fitchratings.com;
2. From the Fitch Ratings website, select RMBS under the Structured Finance tab;
3. From the RMBS page, select ResiEMEA under the Tools section in the left-hand navigation bar;
4. From the Fitch Ratings’ ResiEMEA page, click on the ResiEMEA hyperlink in the Model Download
section in the right-hand navigation bar;
5. This will bring up the Fitch Ratings’ ResiEMEA Model Agreement;
6. Please click ‘I Accept’ if you agree to the terms to download the model. If you do not agree the terms
indicated, you will not be able to download the application;
7. Once you have clicked on ‘I Accept’, a File Download window will appear;
8. Please click ‘Save’. A Save As window will appear;
9. Please save the file directly to your c:\ drive. ResiEMEA will not function when saved to network
drives, so please ensure that this is saved to a local drive, preferably the c:\ drive.
Once the file has been saved, please follow the following steps:
1. Open My Computer and explore to where you have downloaded the ResiEMEA zip file;
2. Right click on the zip file and select ‘Open With’, and then ‘Compressed (zipped) Folders’;
3. From the ‘File’ menu select ‘Extract All...’. This will open the ‘Compressed (zipped) Folders Extraction
Wizard’;
4. From the Wizard, click ‘Next’, and ensure that the "Files will be extracted to this directory" field is set
to "C:\ResiEMEA";
5. Click ‘Next’, then ‘Finish’;
6. From this point onwards, you will be able to explore to "C:\ResiEMEA" to open the ResiEMEA
datatape or model.
Using ResiEMEA
In the extracted folder, the files with which you need to interact are ResiEMEA Model.xls and ResiEMEA
Datatape.xls.
Please note that the ResiEMEA model only accepts .rmbs files.
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To create an .rmbs file, you must validate and certify an .xls or .csv file via the datatape. Once you have validated
and certified an .xls or .csv file through the datatape, this will automatically create an .rmbs file, which can then be
run through the model.
Please note that you can only upload csv files of up to 65,000 rows per file. This is the case when running the
datatape using both Excel 2003 and Excel 2007.
To see an example of this, within the extracted folder you will also see a folder called Sample Data. This folder
contains example .xls files of an RMBS pool for each of the jurisdictions currently available with ResiEMEA. These
can be validated via the datatape, and then subsequently run through the model.
You can also run your own data files through the datatape, and subsequently through the model as .rmbs files.
This document will guide you through using the datatape to validate data that you wish to run through the
model. Please refer to the separate user guide for using the model.
Further Assistance and Error Reporting
For further assistance please contact Fitch Client Services:
New York:
London:
Asia:
Australia:
Japan:
+1 212 908 0800
+44 20 3530 2400
+852 2263 9999
+61 2 8256 0326
+81 3 3288 2715
usaclientservices@fitchratings.com
client.services@fitchratings.com
asiaclient.services@fitchratings.com
asiaclient.services@fitchratings.com
tokyoclient.services@fitchratings.com
Technical Problems
If you are reporting an error, please include detailed information on:

When did the error occur, i.e. whilst downloading the files; using the model; or using the datatape?

If when using the model or the datatape, at which step in the wizard did the error occur?

What is the full error message? (If sending an email, please provide a screenshot)

Which version of Excel are you using?

What is the operating system on your computer (Windows XP etc.)?

Which browser and its version are you using to download the files (Netscape 7.0 etc.)?
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Introduction

You will be invited to accept Fitch’s license agreement for use of the ResiEMEA Validation Application.

You will then be presented with a wizard, which will guide you through four stages of data validation.

If you already have a data file that is set up in the correct format, you can start by uploading the file into
the wizard immediately – please go to page 9 of this user guide for more information.

If you do not have a data file that has been previously formatted, please click on the template button in
your toolbar and select ‘Create Template’ – please go to page 6 of this user guide for more information.
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Data Input Template

Select the data input template appropriate for your pool country by clicking on the menu in the ResiEMEA
Validation Application.datatape

If the pool contains more loans than can be presented in a single Excel workbook, then you will need to
create multiple input templates. Please do not input data into multiple tabs in the same input template.
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
The row highlighted in grey contains field names; those in red are mandatory fields.

The row below the field names contains sample data. Data that is not submitted as the same data type as
sample data will fail validation and cannot be used in the ResiEMEA model.

Sample data cells highlighted in blue show fields where the data type is a list. Permissible list items are
shown in a drop-down list as shown above.

Data that does not match permissible list values will result in a validation error. However, there is
functionality in the Validation Application to help you resolve these kinds of errors.
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
Once you have completed entering data in a ResiEMEA data input template, you may opt to do a quick
validation check as shown above. This will check whether the first line of data passes validation, giving
you an indication of whether the whole pool will pass validation or not.

Finally, save your completed data input file or files to a location of your choice. below.
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Validation Wizard
Starting the Wizard

The ResiEMEA Wizard guides you through four stages of data validation.

Primarily, add arranger and deal data to the left hand column. This information will be stored with pool
data henceforth.
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

The wizard is available in three sizes:
–
In full
–
As a header
–
Minimised
To change the size of the wizard, click on “ResiEMEA” in the red area at the top of the wizard pop-up box
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Step 1: Upload

Click “Begin”. You will be prompted to select one or more input files. Please note that ResiEMEA also
accepts .csv files of up to 65,000 rows.

Please note that ResiEMEA automatically stores all Validation and Model data in a repository. You can
change the repository location to one of your choosing by clicking on File Repository.
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
When you have uploaded one or more files, you may proceed to the next step.

Please note that the Status indicator shows that your pool data has not yet passed the Data Check or the
Validation.
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Step 2: Data Check


Pool data is checked for the following:
–
Mandatory fields
–
Datatypes
–
Breaches of maximum or minimum limits
The application will return both Warnings and Errors, if any are found..
Errors

Correction of any errors is compulsory before you may proceed to the next stage of validation.

Double-clicking on an error in the results window or clicking “Fix Selected” will open a filtered view of the
erroneous data in Excel, where it may be corrected.

To return to the Wizard once the data has been corrected double click in one of the cells that has been
corrected, and you will be prompted to save the changes.

If you click save, you will be returned to the Wizard.
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Warnings

It is not compulsory to correct warnings; however, you will need to acknowledge any warnings before you
can continue to the Next Step.

You can do this individually, or check the ‘Select All Warnings’ box and then click ‘Acknowledge’. You may
also make a comment at this stage.

You may also correct warnings, if you wish, in Excel by double-clicking on the warning in the results
window.
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Step 3: Validate

Pool data is checked for the following:
–
Adherence to pre-defined validation rules
–
Match to allowed list values

Errors in the results window can be edited directly in Excel by clicking on ‘Fix in Excel’.

To create an Alias instead of manually correcting underlying data, select a lookup error in the results
window and click “Edit Alias”.
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
Then, click in the first column.

Click on the unrecognised value.

In this case, you will see the expected values of various payment frequencies. You can create an Alias,
which is a stored mapping between “Semi” and “Semi Annually”.
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
Sets of Alias mappings can be saved and restored for reuse on new pool cuts or other transactions by
clicking “Add to Aliases allowed”.

On the Wizard, click “Save Alias Settings” to store saved Aliases with a unique name.

On the Wizard, click “Load Alias Settings” to restore saved Aliases.

Saving an Alias mapping will create files in a folder called “Save” within your ResiEMEA files. These files
can then be sent to other users if desired.
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Step 4: Certify

Complete the Validation process by clicking on “Certify Data”. This compresses the pool data and stores it
in a locked format that can be read by the ResiEMEA model.
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
After certification, you will not be able to edit the pool data. The stratification and exception reports are
now available to view.

If you need to continue editing pool data, click “Undo Certify”. The lock will be removed. You will need to
recertify the data, and may be required to rerun validation, before loading your pool into the ResiEMEA
model.

The model can be opened from the Validation Application, or used independentl.
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Other Validation Features
View Pool
Clicking on View Pool will open a read-only Access view of the entire pool cut. You can save copies of the
Access database for your own analysis purposes if you wish.
For large pools, where data may be spread across multiple input files, this view allows for searching and
sorting of the entire data set in one view.
Open Data Files
Allows you to reopen data files loaded into the model. You can edit data in the underlying files, which may
trigger revalidation depending on the validation status of the pool at the time you revise underlying data.
Pool Comments
Tracks comments added following adjustments to pool data.
SF20044/081412
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