Fitch Assigns CMBS Small Loan Servicer Ratings to Bayview Loan Servicing.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned the following commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ) small loan servicer ratings to Bayview Loan Servicing, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (BLS See Bureau of Labor Statistics. ): -- Primary servicer 'CPS3+ Small Loans'; -- Special servicer 'CSS3+ Small Loans'. BLS' special servicer rating is the first one assigned in Fitch's CMBS small loan servicer rating program, while the primary servicer rating is the highest to date in Fitch's program. The primary servicer rating reflects BLS' experienced servicing management and staff, including asset managers, and its experience as a small balance commercial mortgage loan servicer. The special servicer rating is based on BLS' ability to workout, resolve and dispose small balance commercial mortgage loans and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most properties. Each rating reflects BLS' status as a leading servicer of securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. small balance commercial mortgage loans. BLS is the servicing unit of Bayview Financial, LP, a privately held financial services firm founded in 1978. BLS, based in Miami, FL, was formed in 1999 to service mortgages for its parent, and has subsequently acted as servicer and special servicer for securitized mortgage transactions. As of Sept. 30, 2004, BLS' commercial mortgage loan servicing portfolio consisted of 7,417 loans totaling $2.10 billion. As of the same date, BLS was actively special servicing 489 loans totaling $156.8 million and was responsible for 113 real estate-owned (REO reo Noun NZ a language [Maori] ) properties valued at $38.6 million. Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated April 11, 2002 and available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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