Fitch Maintains Negative Watch on IndyMac Mortgage Services' U.S. RMBS Servicer Ratings

  Fitch Maintains Negative Watch on IndyMac Mortgage Services' U.S. RMBS
  Servicer Ratings

Business Wire

NEW YORK -- April 3, 2014

Fitch Ratings maintains the Rating Watch Negative on the following U.S.
residential servicer ratings for IndyMac Mortgage Services, a division of
OneWest Bank N.A. (IndyMac): .

--U.S. Residential primary servicer rating for prime product 'RPS3';
--U.S. Residential primary servicer rating for Alt-A product 'RPS3';
--U.S. Residential primary servicer rating for subprime product 'RPS3';
--U.S. Residential special servicer rating 'RSS3'.

The maintenance of the Rating Watch reflects IndyMac's expected sale of its
remaining agency and non-agency RMBS portfolio of forward mortgages. As of
March 2014, OneWest entered into a servicing purchase agreement with a Fitch
rated servicer to purchase the mortgage servicing rights (MSRs) of IndyMac'
remaining 12,000 non-agency RMBS loans. The transfer of loans is subject to
the receipt of third party consents. If approved, the loans are expected to
transfer beginning third quarter 2014.

Previously, in June 2013, it was announced that Ocwen Loan Servicing, LLC
(Ocwen) intended to purchase the MSRs to IndyMac's agency and non-agency RMBS
portfolio of approximately $78 billion. However, final consents were not
approved by third parties on approximately 39 RMBS securitized deals which
comprise the 12,000 loans. Currently, IndyMac continues to service these
forward mortgage loans.

Fitch expects to maintain a Negative Watch status on the IndyMac platform
until completion of the loan transfers, at which time the servicer ratings
will likely be withdrawn.

As of Dec. 31, 2013, IndyMac's servicing portfolio consisted of 60,490 loans
with an unpaid principal balance (UPB) of approximately $12 billion. The
portfolio, based on UPB, is comprised of approximately 64% owned portfolio,
32% non-agency (includes RMBS), and 3% government sponsored enterprise
products.

Fitch rates residential mortgage primary, master, and special servicers on a
scale of 1 to 5, with 1 being the highest rating. Within some of these rating
levels, Fitch further differentiates ratings by plus (+) and minus (-) as well
as the flat rating. For more information on Fitch's residential servicer
rating program, please see Fitch's report 'Rating U.S. Residential and Small
Balance Commercial Mortgage Servicer Rating Criteria', dated Jan. 31, 2011
which is available on the Fitch Ratings web site at www.fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:
--'U.S. Residential and Small Balance Commercial Mortgage Servicer Rating
Criteria' (Jan. 31, 2014).

Applicable Criteria and Related Research:
Rating Criteria for US Residential and Small Balance Commercial Mortgage
Servicers
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=731747

Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=826150
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Contact:

Fitch Ratings
Primary Analyst:
Natasha Hanson, +1-212-908-0272
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Grant Bailey, +1-212-908-0544
Managing Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
 
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