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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.

Wave of CMBS Servicer Downgrades

10 servicers downgraded by Fitch

June 19, 2009

By staff

Fitch Ratings revised its criteria for servicers of loans that back commercial mortgage-backed securities -- leading to downgrades at 10 companies. But three servicers saw their ratings upgraded.

The New York-based ratings agency updated it servicer rating criteria today, a press release indicated. The move was made to reflect the current commercial real estate market and its impact on mortgage servicing.

The revisions reflect an increase in the impact of the servicer's financial rating, staff experience and servicer participation in the CMBS market over the past few years.

As a result of the updates, servicer ratings at 10 CMBS servicers were lowered.

Servicers are rated on a scale of one to five, with 1+ being the strongest and 5- being the weakest.

The following CMBS servicers were downgraded by Fitch.

Servicer Rating Type Prior
Archon Group L.P. special servicer CSS1 CSS2+
Centerline Servicing Inc. special servicer CSS1 CSS1-
CT Investment Management Co. LLC special servicer CSS2- CSS3+
Hudson Advisors, LLC special servicer CSS2 CSS2-
J.E. Robert Companies special servicer CSS1 CSS1-
LNR Partners special servicer CSS1 CSS1-
NCB FSB primary servicer CPS1- CPS2+
Ocwen Loan Servicing LLC special servicer CSS2 CSS2-
Wachovia Securities primary servicer CPS2+ CPS2
Wells Fargo Bank primary servicer CPS1 CPS2+
Wells Fargo Bank special servicer CSS1 CSS2

But three companies saw an upgrade: CW Capital LLC, CWCapital Asset Management LLC and Bank of New York Mellon's asset solutions division.

CW Capital LLC's primary servicer rating was upgraded to CPS2+ from CPS2, while its master servicer rating was increased to CMS3+ from CMS3.

In addition, CW Capital Asset's special servicer rating improved to CSS1- from CSS2+.

Fitch bumped BNY's primary servicer rating to CPS2 from CPS2 and its master servicer rating to CMS3+ from CMS3.

Mortgage Backed Securities | MBS News | MBS Statistics
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Stories about commercial lending on multifamily, office, retail and industrial properties.

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