ResiEMEA Model
Table of Contents
Contents
1
Introduction
2
ResiEMEA version 2.0.0 replaces ResiEMEA version 1.2.1
2
ResiEMEA System Requirements
2
Downloading ResiEMEA
3
Using ResiEMEA
3
Further Assistance and Error Reporting
4
Opening the Model
5
Model Wizard
5
Upload Stage
6
Sidebar
7
Customise Stage
9
Missing Values
9
Warnings
Assumptions Stage
10
11
Assumptions
11
Run the Model
12
Reports
Other Model Features
14
15
Data options
15
Reports
15
Settings
15
About Fitch Ratings
Fitch Ratings is a global rating agency committed to providing value beyond the rating through independent
and prospective credit opinions, research and data. Offering a world of knowledge and experience behind
every opinion, we transform information to deliver meaning and utility to investors, issuers and other market
participants. Fitch Ratings' global expertise draws on local market knowledge and spans across the fixedincome universe. The additional context, perspective and insights we provide help investors make important
credit judgments with confidence.
Dual-headquartered in New York and London, Fitch Ratings has over 50 offices worldwide. Fitch Ratings is
part of the Fitch Group, a jointly owned subsidiary of Fimalac, S.A. and Hearst Corporation.
For additional information, please visit www.fitchratings.com.
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ResiEMEA Model User Guide
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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ResiEMEA Model User Guide
2
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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ResiEMEA Model User Guide
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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
sample files 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 model. Please refer to the separate user guide for using
the datatape.
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
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
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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ResiEMEA Model User Guide
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Opening the Model

When you open the model for the first time, you will be invited to accept Fitch’s license agreement.

Once you have accepted the terms for the use of the model, you will not have to accept the terms again
unless you download a new version of the model.

Once you have accepted the license agreement, you will be presented with a Model Wizard.
Model Wizard


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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ResiEMEA Model User Guide
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Upload Stage

Click on Begin to select a data pool

Select an .rmbs file that you have run through the datatape
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ResiEMEA Model User Guide
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
Once you have selected the .rmbs file and thus uploaded pool data into the model, key pool statistics will
be displayed.
Sidebar

Validation status is displayed. If at any time modifications to the underlying data result in a change of
validation status, you will be able to revalidate pool data using the ResiEMEA datatape.
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
Arranger and Deal attributes are inherited from the data input template.

In the “Files” window, the original data source file(s), as well as detail of any modifications to the source
file(s), is recorded.

By double-clicking on the modified elements shown in the tree structure above, detail of modifications can
be reviewed, as shown below.
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8
Customise Stage

These advanced features allow you to set deal-specific customisations of core model processes,
including:
–
specify how the model should treat missing data
–
review customisations made during the validation process
Missing Values

In the missing values section, it is possible to specify what value(s) should be used in cases where the
data from the input tape is blank for a given data line. A generic value has been provided, however this
can also be changed to a specific value if required.
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ResiEMEA Model User Guide
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Warnings

The warnings section is a read-only display of the warnings that were generated as part of the processing
of the Datatape.
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ResiEMEA Model User Guide
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Assumptions Stage
Assumptions

Assumptions can be modified in this section, with any changes made by the user being tracked and
reported on the model reports

While all assumptions can be viewed, it is possible to limit the display to only those assumptions which a
user is permitted to modify
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ResiEMEA Model User Guide
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Run the model

Run the model itself by clicking the ‘Run Model’ button.
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ResiEMEA Model User Guide
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
Levels are displayed in the Wizard immediately the model run is complete.

You can then view reports in Excel by clicking on “View Report”.
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ResiEMEA Model User Guide
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Reports
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ResiEMEA Model User Guide
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Other Model Features
Data options

Used to view data tapes directly in Excel
Reports

Enables you to run Stratification, Exception (which shows warnings and errors) and Model reports
Settings

This option is used to save or load the Missing Value edits or Assumption edits
SF20043/081412
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ResiEMEA Model User Guide
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