|By PR Newswire||
|January 7, 2014 10:27 AM EST||
NEW YORK, Jan. 7, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today affirmed its 'MOR SBC2' rankings for Ocwen Loan Servicing, LLC as a small-balance commercial mortgage primary and special servicer. The affirmed rankings reflect Morningstar's ongoing assessment of Ocwen's operational infrastructure and portfolio administration capabilities for its respective duties as a primary and special servicer of small-balance commercial assets.
As of June 30, 2013, Ocwen's servicing portfolio consisted of 4,135 loans with an aggregate unpaid principal balance (UPB) of approximately $1.8 billion. Ocwen has experienced significant growth in small-balance commercial servicing and its management indicates that the company intends to grow its servicing portfolio through Ocwen Financial Corporation's future acquisitions.
Morningstar's assessment and small-balance rankings are based on the following factors:
- Effective organizational structure: An enterprise-wide servicing structure that promotes operating efficiencies by effectively leveraging aspects of its residential and commercial loan servicing. As such, Ocwen's larger residential operation handles payment processing and investor reporting for small-balance commercial assets, while Ocwen's small-balance commercial operation is responsible for portfolio management and oversight of loan administration functions.
- Successful history of technology conversions and portfolio acquisitions: The company's successful conversion of acquired servicing platforms to its own system, resulting in significant growth in servicing volume throughout 2011 and 2012. In addition, Ocwen has a flexible technology platform and significant capacity suitable for future acquisitions and/or the purchase of servicing rights as a third-party servicer.
- Efficient reporting and compliance environment: Ocwen has servicing capabilities and expertise to meet its third-party reporting and compliance requirements. The company did not incur any material reporting errors or restatements during the past 18 months.
- Experienced and knowledgeable employees: The retention of servicing personnel with in-depth knowledge of loan administration and special servicing functions related to its acquisition of Litton Loan Servicing LP's small-balance portfolio, as well as an increase in staffing to accommodate the acquisition of a small-balance commercial portfolio from Aurora Bank FSB.
- Comprehensive training environment: A well-developed training program that encompasses all aspects of servicing to support the consistent application of prudent loan servicing practices.
- Pervasive continuous improvement culture: Morningstar has a positive opinion of the company's continuing initiative to streamline workloads, policies and procedures, and quality assurance, as well as the continual evaluation of processes designed to improve operational efficiencies.
- Excellent proprietary technology platform: Asset management applications and technology resources that effectively manage loan administration and special servicing functions.
- Effective internal audit program: An expansive audit program covering payment processing and investor reporting functions. Ocwen underwent an initial audit of its entire small-balance commercial portfolio, including portfolio management, during 2013, after the integration of the Litton and Aurora portfolio acquisitions.
- No discernible conflict of interest: Morningstar believes that Ocwen has effective policies and procedures to manage conflicts of interest. Overall, Ocwen is a special servicer that operates without the potential conflicts of interest inherent in transactions in which the special servicer has a close affiliation with the commercial mortgage-backed securities (CMBS) B-piece investor. Ocwen is an independent, third-party special servicer without any investment in subordinate CMBS.
The forecast for both rankings remains Stable. Morningstar believes Ocwen will continue to serve as an effective servicer and special servicer of small-balance commercial mortgage and real estate-owned (REO) loans.
To access Morningstar's operational risk assessment methodology and all published reports, please visit https://ratingagency.morningstar.com.
About Morningstar Credit Ratings, LLC and Morningstar, Inc.
Morningstar Credit Ratings, LLC is a Nationally Recognized Statistical Rating Organization (NRSRO) that specializes in structured credit research and ratings, and offers a wide array of services including new-issue ratings and analysis, operational risk assessments, surveillance services, data, and technology solutions.
Morningstar Credit Ratings' rankings, forecasts, and assessments contained in this press release are evaluations and opinions of non-credit related risks, and therefore, are not credit ratings within the meaning of Section 3 of the Securities Exchange Act of 1934 ("Exchange Act") or credit ratings subject to the Exchange Act requirements and regulations promulgated thereunder with respect to credit ratings issued by NRSROs.
Morningstar Credit Ratings, LLC is a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research in North America, Europe, Australia, and Asia.
Morningstar, Inc. offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 437,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 10 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its registered investment advisor subsidiaries and has more than $176 billion in assets under advisement and management as of Sept. 30, 2013. The company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO and its credit ratings on corporate and municipal issuers are not NRSRO credit ratings.
©2014 Morningstar, Inc. All rights reserved.
Michelle Weiss, +1 267-960-6014 or [email protected]
SOURCE Morningstar, Inc.
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 30, 2016 06:00 PM EDT Reads: 2,658
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
May. 30, 2016 05:30 PM EDT Reads: 776
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
May. 30, 2016 05:30 PM EDT Reads: 712
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 30, 2016 04:30 PM EDT Reads: 2,633
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
May. 30, 2016 04:30 PM EDT Reads: 2,097
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
May. 30, 2016 03:00 PM EDT Reads: 2,077
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 30, 2016 02:00 PM EDT Reads: 3,072
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 30, 2016 01:30 PM EDT Reads: 1,139
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
May. 30, 2016 12:00 PM EDT Reads: 1,503
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 30, 2016 12:00 PM EDT Reads: 4,120
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
May. 30, 2016 12:00 PM EDT Reads: 809
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 30, 2016 11:30 AM EDT Reads: 792
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
May. 30, 2016 11:30 AM EDT Reads: 1,477
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 30, 2016 11:15 AM EDT Reads: 1,352
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 30, 2016 11:00 AM EDT Reads: 2,584