Fitch Affirms Specialized Loan Servicing's U.S. RMBS Servicer Ratings; Outlook Positive

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the U.S. residential primary servicer ratings for Specialized Loan Servicing, LLC (SLS):

--Primary servicer rating for Prime product at 'RPS2, Outlook Positive;

--Primary servicer rating for Alt-A product at 'RPS2', Outlook Positive;

--Primary servicer rating for Subprime product at 'RPS2', Outlook Positive;

--Primary servicer rating for HELOC product at 'RPS2', Outlook Positive;

--Primary servicer rating for Second Lien product at 'RPS2', Outlook Positive;

--Special servicer rating at 'RSS2', Outlook Positive.

The servicer rating affirmations and Positive Outlook reflect SLS's sustained strong servicing metrics and the well-managed growth of its servicing portfolio. The ratings also reflect SLS's established control environment and effective systems and technology.

SLS maintains a strong corporate governance structure that includes an oversight committee comprised of SLS executive management and senior members from its parent, Computershare. The framework provides a more independent reporting structure for SLS' established internal audit, legal and compliance departments.

The ratings also take into consideration the expansion of the servicer's portfolio, which has increased generally due to the on-boarding of legacy distressed portfolios from banks and modest growth of its agency loan portfolio. SLS has applied a disciplined approach to the growth of its portfolio and has maintained strong servicing metrics.

The ratings also take into consideration the financial condition of SLS and its parent; both are non-rated entities. Financial condition is a component of Fitch's servicer ratings.

SLS is headquartered in Highlands Ranch, CO. As of Sept. 30, 2015, SLS' portfolio comprised approximately 335,000 loans totaling $39 billion. The portfolio contains approximately 77,000 subprime loans totaling $15 billion, 70,000 HELOC loans totaling $4 billion, 61,000 subprime closed-end second liens totaling $2.2 billion, 28,000 agency loans totaling $6 billion, 27,000 loans Alt-A loans totaling $7.5 billion, and 72,000 other loans totaling $4 billion.

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 Criteria for U.S. Residential and Small Balance Commercial Mortgage Servicers', dated April 2015 which is available on the Fitch Ratings web site at 'www.fitchratings.com'.

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

Applicable Criteria

Rating Criteria for Structured Finance Servicers (pub. 23 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864375

Rating Criteria for U.S. Residential and Small Balance Commercial Mortgage Servicers (pub. 23 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864368

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997369

Endorsement Policy

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151224005219/en/

Fitch Ratings, Inc.
Primary Analyst
Natasha Aikins
Director
+1-212-908-0272
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Zoya Ramzanali
Analyst
+1-212-612-7796
or
Committee Chairperson
Roelof Slump
Managing Director
+1-212-908-0705
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
[email protected]
Hannah James, +1-646-582-4947
[email protected]

Source: Fitch Ratings

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