Fitch Affirms OCWEN's Special Servicer Rating At `CSS2'.
NEW YORK--(BUSINESS WIRE)--Dec. 3, 2001
OCWEN Federal Bank FSB's (OCWEN) special servicer rating of `CSS2' is affirmed by Fitch based on their consistent ability to specially service and resolve distressed assets securing commercial mortgage-backed securities (CMBS).
The rating reflects the company's highly experienced team and commitment to technology. Despite disappointing financial performance from the parent, OCWEN Financial Corporation, the servicing division is profitable. The company continues to support its technology division, OTX, and is confident this division will also become profitable.
OCWEN is highly effective in managing and liquidating assets. As of Sept. 30, 2001 OCWEN serviced commercial assets totaling $1.38 billion, which includes commercial real estate owned (REO) assets totaling $132.4 million.
Fitch rates special servicers 'CSS1', `CSS2', 'CSS3', or 'CSS4', with `CSS1' being the highest rating on the scale.