February 16, 2021
Greenville, SC — Shellpoint Mortgage Servicing (“Shellpoint”, the “Company”), one of the largest non-bank mortgage servicers by number of loans and UPB, announced that Fitch Ratings (“Fitch”) has upgraded the Company’s prime servicer rating to RPS2 (up from RPS2-) and the Company’s special servicer rating to RSS2 (up from RSS2-), both with stable outlooks. Among other factors, Fitch cited Shellpoint’s “diligent response to the coronavirus pandemic and its impact on servicing operations, effective enterprise-wide risk environment and compliance management framework, competitive loan servicing performance metrics, special servicing expertise, and efficient servicing technology” as driving factors for the upgrades.
This is the second time in 15 months that Fitch has upgraded Shellpoint’s servicer ratings. The previous upgrade came in November 2019.
“We appreciate Fitch’s recognition of Shellpoint’s strong operational performance and are delighted that Fitch has once again upgraded our ratings,” said Jack Navarro, President and Chief Executive Officer of Shellpoint. “Fitch’s team of analysts carefully examined every aspect of our prime and special servicing businesses during 2020 and throughout the COVID-19 pandemic to come to their ratings decisions. Their upgrades reflect the confidence they have in how we care for our homeowners and how we handle compliance, use technology, and manage our business operations.”
Shellpoint is one of the largest non-bank servicers with over 1.7 million residential mortgage loans. Shellpoint has offices throughout the United States, including Greenville, South Carolina; Houston, Texas; Tempe, Arizona; and Jacksonville, Florida. Shellpoint’s clients include leading banks, loan originators, and real estate investment trusts (REITs). Shellpoint’s ongoing success is grounded in its ability to deliver superior asset performance and to develop creative and practical solutions for homeowners in need. Shellpoint is proud to be part of NewRez LLC (“NewRez”). NewRez is owned by New Residential Investment Corp. (NYSE: NRZ), a publicly traded REIT that invests in and actively manages residential real estate investments.
NewRez is a leading nationwide mortgage lender and servicer. Founded in 2008 and licensed to lend in 50 states, NewRez is headquartered in Fort Washington, Pennsylvania and operates multiple lending channels, including Direct to Consumer, Joint Venture, Wholesale and Correspondent. NewRez also has several affiliates that perform various Fitch upgrades ratings of Shellpoint Mortgage Servicing | p. 2 | February 16, 2021 services in the mortgage and real estate industries. These include Avenue 365 Lender Services, LLC, a title agency, and eStreet Appraisal Management LLC, an appraisal management company. NewRez is member of the New Residential Investment Corp. family. More information is available at www.newrez.com.
Sr. Business Communications Mgr.
# # # #