Part of the cost to issue non-agency MBS under the new rules of the road is a stronger commitment to due diligence reviews of the collateral backing the transaction, and experts note that the process is more complex than just hiring one of the handful of companies that provide these services. “There are three basic constituencies you need to satisfy during third-party reviews,” said Eric Kaplan, managing director of mortgage finance at Shellpoint Partners during a session at the Mortgage Bankers Association National Secondary Market Conference. “There’s the law, the ratings agencies and investors...