Fitch Ratings Affirms Wells Fargo Bank's CMBS Servicer Ratings.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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. affirms Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank's (Wells) primary servicer rating of 'CPS1', master servicer rating of 'CMS2' and special servicer rating of 'CSS1'. The ratings affirmations reflect an experienced management team with longstanding company tenure. The primary servicer rating is based on Wells' capabilities in servicing multifamily and commercial mortgage loans in commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. (CMBS CMBS See: Commercial Mortgage Backed Securities ) transactions. The master servicing rating reflects Wells' ability to oversee primary servicers in CMBS transactions and to report and remit to CMBS trustees. The special servicer rating is based on the commercial real estate background of Wells' senior management and asset managers and their ability to specially service and resolve assets securing CMBS transactions. Of concern to Fitch is the continued rapid growth of Wells' servicing portfolio and the company's ability to keep up with the servicing requirements associated with a larger portfolio. Fitch will monitor Wells' performance in its interactions with Fitch's CMBS surveillance group and other industry participants. In conjunction, Fitch will also keep an eye on portfolio growth and servicing staff levels to determine what effects the growing portfolio has on servicing performance. As of June 30, 2006 Wells' commercial mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. portfolio consisted of 9,686 loans totaling $82.4 billion of which $78.4 billion was CMBS. At the same date, Wells was named master servicer for 80 CMBS transactions and oversaw 62 third party primary servicers. Wells was also named special servicer on 14 CMBS transactions, totaling $4.5 billion, and had no active specially serviced loans. Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, 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 'Rating U.S. Commercial Mortgage Servicers', dated June 9, 2006, available on Fitch's web site, www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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