Fitch Ratings affirms Bayview Loan Servicing, L.L.C.'s
(BLS) 'RSS2' residential special servicer rating. The special servicer
rating reflects the company's ability to manage and liquidate
nonperforming residential mortgage loans and real estate owned (REO)
assets utilizing its solid default management expertise and advanced
default technology, which are integral components of special
servicing. The rating also reflects BLS' experienced management and
staff, enhanced loan administration procedures, and expanded training.
Headquartered in Coral Gables, FL, Bayview is the servicing arm of Bayview Financial L.P. (Bayview). Bayview is a full-service real estate investment and mortgage finance company that acquires and securitizes seasoned residential mortgage loans. Additionally, the company originates services and securitizes small balance commercial real estate loans. For the past 10 years, Bayview has steadily grown its residential servicing portfolio through its relationship with M&T Bank. As of Sept. 30, 2005, BLS special serviced 15,599 residential loans totaling almost $1.2 billion.
Bayview has continued its focus on its small balance commercial loan business, which it began in 1999. Bayview believes that the commercial platform is the company's primary driver of future growth. While Bayview maintains its residential portfolio as its core business, the company has shifted some of its staffing and allocated funding to the commercial loan channel.
BLS's servicing platform continues to season, and Fitch believes the company has the capacity and infrastructure to maintain its planned portfolio objectives. Fitch will continue to monitor the company's progress in maintaining consistent performance in its residential servicing portfolio while pursuing its growth initiatives in its commercial business, as well as managing potential increases in delinquencies in its residential portfolio.
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 'Residential Mortgage Servicer Ratings,' dated Feb. 21, 2003, which is available on the Fitch web site at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria, and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Headquartered in Coral Gables, FL, Bayview is the servicing arm of Bayview Financial L.P. (Bayview). Bayview is a full-service real estate investment and mortgage finance company that acquires and securitizes seasoned residential mortgage loans. Additionally, the company originates services and securitizes small balance commercial real estate loans. For the past 10 years, Bayview has steadily grown its residential servicing portfolio through its relationship with M&T Bank. As of Sept. 30, 2005, BLS special serviced 15,599 residential loans totaling almost $1.2 billion.
Bayview has continued its focus on its small balance commercial loan business, which it began in 1999. Bayview believes that the commercial platform is the company's primary driver of future growth. While Bayview maintains its residential portfolio as its core business, the company has shifted some of its staffing and allocated funding to the commercial loan channel.
BLS's servicing platform continues to season, and Fitch believes the company has the capacity and infrastructure to maintain its planned portfolio objectives. Fitch will continue to monitor the company's progress in maintaining consistent performance in its residential servicing portfolio while pursuing its growth initiatives in its commercial business, as well as managing potential increases in delinquencies in its residential portfolio.
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 'Residential Mortgage Servicer Ratings,' dated Feb. 21, 2003, which is available on the Fitch web site at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria, and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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