July 5, 2018
DALLAS (S&P Global Ratings) July 5, 2018--S&P Global Ratings today affirmed its ABOVE AVERAGE rankings on Shellpoint Mortgage Servicing (SMS) as a residential prime and special servicer. The outlooks are stable.
Our rankings reflect:
SMS has maintained its commitment to high-touch special servicing, which is evidenced by its increase in loss mitigation staffing, technology investments, and creative outreach strategies. It also continues to develop its operational capabilities to efficiently manage a growing performing loan portfolio. Examples include its process improvement initiatives and self-service capabilities. We also note that the control framework continues to develop and season, and it is comparable to similarly ranked peers.
For special servicing, the company strikes a good balance of maintaining the high touch needed to handle distressed loans in a well-controlled manner using technology, as well as repeatable processes.
Since our prior review (see "Servicer Evaluation: Shellpoint Mortgage Servicing," May 3, 2017), SMS has made the following changes:
The outlooks for both rankings are stable. The company has a good track record of growing its servicing portfolio while maintaining servicing performance. It also continues to invest to expand the control and operational infrastructure needed to accommodate a larger portfolio. We consider its servicing growth plans and strategic objectives, which management expects to be unchanged following New Residential Investment Corp.'s acquisition, to be methodical and reasonable.
The financial position is SUFFICIENT.
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