Nov 21 - Fitch Ratings affirms Ocwen Loan Servicing, LLC's (Ocwen) commercial mortgage-backed securities (CMBS) special servicer rating at 'CSS2-'.
The special servicer rating reflects an assessment of the company's experienced asset management staff, ability to effectively dispose of REO assets, strong use of technology, and continued focus on training. The rating also considered the lack of traditional CMBS conduit servicing, Ocwen Financial Corporation's long-term Issuer Default Rating of 'B', as well as the ongoing integration of recently acquired residential servicing platforms.
As of June 30, 2012, Ocwen was named special servicer on 115 commercial mortgage loans totaling $635.9 million, of which none were CMBS. As of the same date, the company was special servicing 99 non-CMBS REO properties totaling $386.8 million. The remaining 16 loans were whole loans that were part of a CDO transaction.
The servicer rating is based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 18, 2011, and 'Global Rating Criteria for Structured Finance Servicers' dated Aug. 16, 2010, available on Fitch's web site 'www.fitchratings.com'.