Fitch Upgrades Statebridge Company, LLC RMBS Servicer Rating

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has upgraded the following U.S. residential mortgage servicer rating for Statebridge Company, LLC's (Statebridge) sub-servicer mortgage operations:

--U.S. residential primary specialty-subservicer rating to 'RPS3' from 'RPS3-'; Outlook Stable.

Fitch Ratings has upgraded Statebridge's subservicer rating to 'RPS3' based on the servicer's evidenced capabilities as a mortgage servicer, its experienced senior management team, developed recruiting, staffing, and retention programs, and developed loan and default administration capabilities.

The rating actions also take into consideration Statebridge's successful execution of its key servicing objectives, effective risk management practices and the increased use of automated functionalities in its new loan boarding, vendor management, bankruptcy, and loss mitigation processes. Fitch believes the servicer maintains effective systems and processes to adequately manage its servicing functions.

The servicer has increased its sub-servicing portfolio to approximately 11,500 loans totaling $1.6 billion from 5,675 loans for $1.08 billion, since Fitch's initial rating in July 2014. Statebridge has increased full time equivalent positions to 87 from 55, and added senior management talent, which include a new corporate counsel, human resources, real estate owned (REO), foreclosure, and vendor oversight managers. Also, in October 2014, the servicer was approved as a Freddie Mac servicer and has indicated that it intends to add more performing loans to its servicing platform as part of its portfolio diversification plans.

Statebridge has expanded its operational capacity and completed the insourcing of its REO department and has a manager and support team in place. The servicer indicated that its majority-owned parent, FrontRange Capital Partners, LLC, a private equity firm, is dedicated to the growth of the servicing platform and has contributed to its system and process enhancements, staffing and capacity growth.

As of Aug. 31, 2015, Statebridge sub-serviced 11,496 loans for $1.6 billion. Statebridge is also in the process of boarding several flow transactions and indicated that it anticipates an additional 5,000 loans by year-end 2015.

Fitch will continue to monitor Statebridge's performance and effectiveness as it continues to grow its mortgage servicing operation.

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=990709

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/20150911005768/en/

Fitch Ratings
Primary Analyst
Michael Laidlaw
Director
+1-212-908-0251
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Roelof Slump
Managing Director
+1-212-908-0705
or
Committee Chairperson
Suzanne Mistretta
Senior Director
+1-212-908-0639
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Safari Flower Company, a Wholly Owned Subsidiary of Aurora Cannabis, Receives EU-GMP Certification at Niagara Facility
• Graycliff Mobilizes Drill at Shakespeare Gold Project for Further Metallurgical Testing and to Expand Gold Zone
• Athena Gold Significantly Expands Forester Project near Musselwhite, Ontario