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14 Apr 2011
U.S. Residential Mortgage Servicer Rating Action
New York, April 14, 2011 -- Moody's has confirmed Bayview Loan Servicing, LLC's ("Bayview")
servicer quality ("SQ") rating of SQ2- as a Special
Servicer of residential mortgage loans.
Based on the company's completion of its internal examination and
remediation efforts, we have removed the SQ rating from review for
When the industry issues related to foreclosure processes and notarization
of affidavits by lenders and servicers arose in the fourth quarter of
2010, Bayview undertook an internal review of its processes and
procedures. The scope of the company's review included all
pending foreclosure actions in which affidavits relating to the debt owed
were filed with the courts. Remediation of the potentially affected
securitized loans reflected approximately 3% of Bayview's
foreclosure and bankruptcy population.
During its review, Bayview was not able to determine whether notaries
public were present during the signing of a small number of affidavits
in all cases. As a result, the company formalized its procedures,
enhanced its training programs, and launched a review of its foreclosure
document execution processes and subsequent remediation efforts,
which it has now completed.
As part of our ongoing monitoring efforts for Bayview's SQ ratings
and the SQ ratings of the other servicers we rate, we will continue
to evaluate the impact to foreclosure and REO timelines, the effectiveness
of new foreclosure procedures, and the legal, regulatory and
financial impact stemming from the issues relating to foreclosure document
Furthermore, the recently announced settlement proposal by federal
agencies and ongoing state attorneys general investigation creates some
uncertainty for servicers as we believe that all servicers, not
just the 14 named in the proposed settlement, will be expected to
abide by and implement the terms of the final settlement. We will
continue to monitor developments in settlement discussions and evaluate
the potential consequences of the settlement on our rated servicers.
Bayview is the special servicing subsidiary of Bayview Asset Management,
LLC, a fund management business involved in mortgage acquisition
As of March 31, 2011, Bayview's servicing portfolio totaled
13,761 small-balance commercial mortgage loans and 35,152
residential mortgage loans for an unpaid principal balance of approximately
The previous rating action for Bayview's SQ ratings occurred on October
14, 2010. At that time, Moody's placed Bayview's
rating of SQ2- as a Special Servicer of residential mortgage loans
on review for possible downgrade.
Moody's SQ ratings represent its view of a servicer's ability to prevent
or mitigate asset pool losses across changing markets. The rating
scale ranges from SQ1 (strong) to SQ5 (weak). Where appropriate,
a "+" or "-" modifier will be appended to the relevant rating
to indicate a servicer's relative servicing quality within a particular
category. Moody's servicer ratings are differentiated in the marketplace
by focusing on performance management. SQ ratings for U.S.
residential mortgage servicers incorporate assessments of delinquency
transition rates, foreclosure timeline management, loan cure
rates, recoveries, loan resolution outcomes, and REO
management -- all critical indicators of a servicer's ability
to maximize returns from mortgage portfolios.
Moody's servicer ratings also consider the company's ability to maintain
its focus on high quality servicing in an economic downturn. Servicing
operations can be stressed by increasing the number of delinquent loans
while at the same time increasing the need for liquidity. The SQ
rating reflects our expectation of the impact that the servicing will
have on the on-going credit performance of the portfolio.
For this reason, Moody's monitors SQ ratings based on periodic information
provided by servicers and conducts a formal re-evaluation of its
servicer ratings annually.
Moody's analyzes and monitors Bayview using the rating methodology described
in "Moody's Approach to Rating Residential Mortgage Servicers" (January
2001) and "Updated Moody's Servicer Quality Rating Scale and Definitions"
(May 2005). A detailed description of the methodologies can be
found on Moody's website: www.moodys.com in the Rating
Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found in the Rating Methodologies sub-directory
on Moody's website. In addition, Moody's publishes a weekly
summary of structured finance credit, ratings and methodologies,
available to all registered users of our website, at www.moodys.com/SFQuickCheck.
MD - Structured Finance
Structured Finance Group
Moody's Investors Service
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's confirms Bayview's Special Servicer SQ rating
250 Greenwich Street
New York, NY 10007
No Related Data.
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