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BNY-Mellon Rating Upgraded

Moody's raises master servicer rating to SQ2+

November 24, 2008

By MortgageDaily.com staff

For the second time in two months, Bank of New York Mellon's master servicer rating was upgraded.

Moody's Investors Service announced today that BNY-Mellon's servicer quality rating as a master residential servicer was increased to SQ2+ from SQ2. The action was taken based on above-average reporting and remittance processes, compliance and monitoring capabilities, and servicing stability.

Moody's ratings range from SQ1 to SQ5, with SQ1 being the strongest. Plus and minus signs are utilized to further differentiate ratings.

Moody's highlighted proactive monitoring and reporting processes for upcoming adjustable-rate mortgage resets that are provided to BNY-Mellon's primary servicers. The ratings agency noted that 14 on-site primary-servicer reviews were conducted this year while eight desk reviews were performed.

Moody's did note, however, that the master servicer could utilize a servicer guide that describes its policies, practices and procedures associated with master servicing oversight.

In October, Fitch Ratings raised BNY-Mellon's master servicing rating to RMS1- from RMS2+. Fitch noted that the master servicing portfolio was 109,519 loans for $21.5 billion as of June 30.

Today, Moody's reported New Albany, Ohio-based BNY-Mellon's master servicing portfolio at 104,248 mortgages for $21.0 billion on Aug. 31, 2008. The company oversees 150 securitizations serviced by 46 primary servicers.

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