Fitch Affirms Selene Finance LP's U.S. RMBS Servicer Ratings

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the U.S. residential mortgage servicer ratings for Selene Finance LP (Selene) with a Stable Outlook as follows:

--U.S. residential primary servicer rating for subprime product at 'RPS3+';

--U.S. residential primary servicer rating for prime product at 'RPS3+';

--Special servicer rating at 'RSS3+'.

The rating affirmations and Stable Outlook reflect Selene's strength as a high touch servicer, its integrated technology systems, and evolving internal control framework.

The ratings also reflect the servicer's developing business strategy. While the company maintains the capabilities to service distressed loan, Selene has grown its performing and re-performing loan portfolio over the past two years. Additionally, the servicer continues to leverage its special servicing skills in component and back-up servicing. Also, during the review period a new CEO was installed at Selene; Fitch will monitor the progress of management's developing initiatives.

Furthermore, the ratings take into consideration the financial condition of Selene, a non-Fitch rated entity, as financial condition is a component of Fitch's servicer ratings.

Selene is owned by Selene Ventures LLC (99% limited partner) and Selene Ventures GP LLC (1% general partner). Selene Holdings LLC is the parent company. Selene's servicing operations are located in Houston TX, Horsham PA and Jacksonville FL.

As of June 30, 2015, Selene serviced over 63,000 loans with an unpaid principal balance (UPB) of $9.11 billion. Selene's portfolio by loan volume comprised 65% government-sponsored enterprise (GSE), 16% subprime, 13% prime, 6% other.

Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within some of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information on Fitch's residential servicer rating program, please see Fitch's report 'Rating U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria', dated April 23, 2015 which is available on the Fitch Ratings web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Rating U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria' (April 25, 2015);

--'U.S. RMBS Servicer Handbook' (October 2015).

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=993109

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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View source version on businesswire.com: http://www.businesswire.com/news/home/20151029006408/en/

Fitch Ratings
Primary Analyst
Natasha Aikins
Director
+1-212-908-0272
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Roelof Slump
Managing Director
+1-212-908-0705
or
Media Relations:
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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