Pool Mandate Review
Learn how market makers review pools and make mandate decisions
Overview
Pool mandate review is the process where market makers evaluate pools shared with them by issuers and decide whether to accept mandates to structure and manage those deals. When an issuer shares a pool with you (as a market maker), you review the pool's composition, metrics, loan quality, and overall suitability before making your Accept or Reject decision. This guide explains how to evaluate pools, what to look for, and how to make informed mandate decisions.
Who Can Use This
• Market Makers/Facility Agents: Receive pool shares from issuers and make mandate decisions. After accepting, you can structure deals, share with investors, and manage pool progression.
When This Is Used
Use pool mandate review when:
• You receive a pool share notification from an issuer
• A pool appears in your Pools dashboard with Mandate Pending status (Preview flow) or Ready for Deal status (Start Deal flow)
• You need to evaluate whether to accept the mandate and commit to structuring the deal
• You want to review pool characteristics before making your decision
• You're assessing whether a pool fits your structuring capabilities and market requirements
Review Process
Accessing Pool Mandates
1. Check Your Pools Dashboard
• Log in to the platform with your Market Maker credentials
• Navigate to the Pools section from the left expandable menu
• Your dashboard shows pools shared with your organization
• Look for pools with status Mandate Pending (Preview flow) or Ready for Deal (Start Deal flow)
• The Actions column shows available actions (Review, Accept, Reject)
2. Open Pool Details
• Click on the Pool ID to open the pool details page
• Alternatively, click Review in the Actions column to access the pool
Reviewing Pool Information
1. Review Summary Metrics
• Summary tiles at the top show pool metrics calculated from mapped loans
• Metrics provide an overview of pool size and characteristics
2. Review Pool Details
• Check pool name, asset class, transaction type, and description
• Understand the context and purpose of the pool
• Review organization assignments to see who else is involved
3. Analyze Summary Charts
• In the Summary section, review charts showing pool composition
• Examine distributions by various loan characteristics
• Understand the overall pool profile
Analyzing Loan Quality
1. Review Loans Tab
• Navigate to the Loans tab to see individual mapped loans
• Review key loan characteristics for each loan
• Assess loan quality indicators and performance data
• Look for any loans that might raise concerns
2. Review Loan Tape Section
• Navigate to the Loan Tape section for detailed loan-level data
• Mapped columns appear first; unmapped columns appear in italic
• Use the As Of Date dropdown to view data from different reporting periods
• Download data in XLSX or CSV format for offline analysis if permitted
3. Review Stratifications
• Navigate to the Strats section for stratification analytics
• Examine distributions by credit score, LTV, geography, loan type, etc.
• Assess concentration risks and diversification
4. Review Performance
• Navigate to the Performance section for performance analytics
• Review delinquency, default, and prepayment information if available
• Assess historical performance trends
Reviewing Documentation
1. Check Supporting Documents
• Review any documents the issuer has attached to the pool
• Look for offering memorandums, legal documents, or other materials
• Assess document completeness and quality
2. Verify Data Quality
• Spot-check loan data for accuracy and completeness
• Note any data gaps or inconsistencies
• Consider data quality in your evaluation
Evaluation Criteria
When reviewing pools, use the available sections to evaluate:
• Pool Metrics: Review the summary tiles to understand pool composition
• Loan Details: Examine individual loans in the Loans tab
• Loan Tape: Review detailed loan-level data in the Loan Tape section
• Stratifications: Use the Strats section to understand loan distributions
• Performance: Review the Performance section for analytics
• Documents: Check any attached documents for additional information
Making Decisions
Accept Mandate
How to Accept:
1. From the Pools dashboard, locate the pool with mandate pending
2. Click Accept in the Actions column
3. A confirmation pop-up appears
4. Click Accept to confirm your decision
5. Your acceptance is recorded
What Happens After Acceptance (Preview Flow):
• Your view shows status Under Review
• Feedback functionality becomes available
• You can now provide pool-level and loan-level feedback
• You can request loan removals using the cross icon in the Loans tab
• You can share the pool further with investors using the Share button
• The issuer is notified of your acceptance
What Happens After Acceptance (Start Deal Flow):
• Pool status is Deal and structural editing is restricted
• You proceed with deal structuring activities
• Downstream transaction activities continue
Submit Pool for Mandate
Reject Mandate
How to Reject:
1. From the Pools dashboard, locate the pool
2. Click Reject in the Actions column
3. A confirmation pop-up appears
4. Click Reject to confirm your decision
5. Your rejection is recorded
What Happens After Rejection:
• The issuer is notified of your rejection
• The issuer can share with other market makers
• Your rejection is recorded in the audit trail
Post-Acceptance Activities (After Preview Acceptance)
After accepting a Preview mandate, you have additional capabilities:
1. Provide Feedback
• Add pool-level feedback in the Feedback section
• Add loan-level feedback using the chat box icon in the Loans tab
• Communicate observations, questions, or change requests to the issuer
2. Request Loan Removals
• If you believe a loan should be removed, click the cross icon next to that loan in the Loans tab
• The issuer receives your removal request
• The issuer decides whether to accept (loan becomes Removed) or reject (loan remains)
3. Share with Investors
• Use the Share button to share the pool with investor organizations
• Configure sharing permissions for investors
• Investors can then review the pool in their Pools dashboard
4. Prepare for Start Deal
• Work with the issuer to finalize pool composition
• Address any outstanding feedback items
• When the pool is ready and prerequisites are met, the issuer can initiate Start Deal
Rules & Validations
• One Decision Per Pool: You can accept or reject; the decision is recorded and affects your relationship with the pool.
• Feedback After Acceptance Only: You cannot provide feedback until you accept the mandate. Before acceptance, you can only view pool information.
• Acceptance Commits You: Accepting a mandate indicates your intent to structure the deal. Treat acceptance as a commitment.
• Rejection Allows Re-Sharing: If you reject, the issuer can revise and re-share, or share with other market makers.
• Status Controls Actions: Your available actions depend on pool status and your acceptance status.
• Share to Investors Only: As a market maker, you can share pools with investors but not with other market makers.
• Loan Removal Requests: After acceptance, you can request loan removals; the issuer decides whether to accept.
• All Decisions Recorded: Accept and reject decisions are recorded with timestamps for audit purposes.
What Happens Next
After Accepting (Preview Flow):
• Your view shows Under Review status
• You can provide feedback, request loan removals, and share with investors
• Work with the issuer to finalize pool composition
• The issuer may proceed to Start Deal when prerequisites are met
• After Start Deal acceptance, the pool becomes a Deal and structuring proceeds
After Accepting (Start Deal Flow):
• Pool status is Deal with restricted editing
• You coordinate deal structuring activities
• Investor allocations, documentation, and closing proceed
• The deal moves toward completion
After Rejecting:
• The issuer is notified and may reach out to discuss
• The issuer may revise the pool and re-share
• The issuer may work with other market makers
• You can reconsider if the pool is re-shared with improvements
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