Fitch Completes Review of IndyMac RMBS Servicing Transfer
NEW YORK -- October 31, 2013
Fitch Ratings has reviewed a request to confirm RMBS ratings in connection
with the mortgage servicing rights (MSR) transfer from IndyMac Mortgage
Services, a division of OneWest Bank, FSB (IndyMac) to Ocwen Loan Servicing,
LLC (Ocwen). The MSR transfer for the loans in the request is anticipated to
occur on Nov. 1, 2013.
After reviewing the proposed transfer, Fitch does not expect negative rating
actions on any Fitch-rated classes as a result of the transfer. However, Fitch
notes that this does not preclude the possibility that future rating actions
may be taken due to rating criteria or future performance considerations.
The analysis follows the announcement in June 2013 that Ocwen intends to
purchase IndyMac's MSR portfolio of agency and non-agency RMBS loans of
approximately $78 billion. The transactions reviewed are collateralized with
prime, Alt-A and subprime loans and were securitized by various RMBS issuers.
Fitch has taken rating action in the past on transactions acquired by Ocwen
due to an increased risk of future servicing disruption. The RMBS included in
this proposed transfer pass Fitch's stress scenarios. Therefore, the MSR
transfer from IndyMac to Ocwen in and of itself will not affect the
Ocwen is not expected to acquire any of IndyMac's servicing staff or
operations in connection with the MSR purchase. Loan transfers are expected to
occur in multiple stages and to be completed by the end of the fourth quarter
A spreadsheet listing the Fitch-rated transactions that were part of the
request can be found at 'www.fitchratings.com' by performing a title search
for 'Fitch Completes Review of IndyMac RMBS Servicing Transfer'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. RMBS Surveillance Criteria' (Oct. 11, 2012);
--'Fitch Downgrades 37 Ocwen Serviced U.S. RMBS Classes' (Sept. 11, 2013)
Applicable Criteria and Related Research: Fitch Completes Review of IndyMac
RMBS Servicing Transfer
U.S. RMBS Surveillance Criteria
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Natasha Hanson, +1-212-908-0272
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
Roelof Slump, +1-212-908-0705
Sandro Scenga, New York, +1-212-908-0278
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