Capital Markets Runs on Confidence, Not Documents

Repurchase risk and rep-and-warrant exposure are usually described as document problems. They are trust problems: the buyer cannot independently confirm that the work behind the file was done correctly.

Documents are the artifact, not the assurance. A stack of PDFs says what was collected; it does not say who verified it, under which rules, or whether that verification still holds.

Portable trust records attach that assurance to the loan itself, so confidence moves with the asset through securitization, servicing transfers, and secondary sales.