Fitch Affirms Ocwen Loan Servicing's CMBS Special Servicer Rating

  Fitch Affirms Ocwen Loan Servicing's CMBS Special Servicer Rating

Business Wire

NEW YORK -- November 21, 2012

Fitch Ratings affirms Ocwen Loan Servicing, LLC's (Ocwen) commercial
mortgage-backed securities (CMBS) special servicer rating at 'CSS2-'.

The special servicer rating reflects an assessment of the company's
experienced asset management staff, ability to effectively dispose of REO
assets, strong use of technology, and continued focus on training. The rating
also considered the lack of traditional CMBS conduit servicing, Ocwen
Financial Corporation's long-term Issuer Default Rating of 'B', as well as the
ongoing integration of recently acquired residential servicing platforms.

As of June 30, 2012, Ocwen was named special servicer on 115 commercial
mortgage loans totaling $635.9 million, of which none were CMBS. As of the
same date, the company was special servicing 99 non-CMBS REO properties
totaling $386.8 million. The remaining 16 loans were whole loans that were
part of a CDO transaction.

The servicer rating is based on the methodology described in Fitch's reports
'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 18, 2011, and
'Global Rating Criteria for Structured Finance Servicers' dated Aug. 16, 2010,
available on Fitch's web site 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);

--'Global Rating Criteria for Structured Finance Servicers' (Aug. 16, 2010).

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305

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Contact:

Fitch Ratings
Primary Analyst
Howard Miller, +1-212-908-0737
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Adam Fox, +1-212-908-0869
Senior Director
or
Committee Chairperson
Daniel Chambers, +1-212-908-0782
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com
 
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