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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

BNY Mellon's Servicer Rating Upgraded

Fitch upgrades master servicer rating

June 18, 2009

By staff

The Bank of New York Mellon saw it servicer rating upgraded for the third time in one year.

Fitch Ratings announced today it upgraded the bank's residential master servicer rating to RMS1. The rating was last upgraded in October 2008 to RMS1-.

The best possible rating is RMS1+, while the lowest possible rating is RMS5-.

Fitch cited BNY's strong oversight, experienced tenured management and monitoring of its primary servicers. Also highlighted were the New Albany, Ohio-based servicer's continued technology investments and increased automation.

"As master servicer the company oversees servicer activities, reconciles loan calculations, receives cash from servicers, and remits and reports to the security administrator and/or investor, monitors some default loan activities and also performs reviews on all its servicers annually," the announcement said. "Fitch believes BNY Mellon's master servicing platform has the capacity and infrastructure to maintain and increase its master servicing, while pursuing its growth initiatives."

In November 2008, Moody's Investors Service upgraded BNY's servicer quality rating to SQ2+ from SQ2.

BNY's master servicing portfolio was 94,697 loans for $19 billion as of March 31, the statement said. Prime mortgages accounted for $6.7 billion of the portfolio, while the total was $4.4 billion for Alt-A mortgages, $3.8 billion for subprime loans and $0.1 billion in reverse mortgages.

The company manages 52 primary servicers for 153 investors.
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