250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 2 Client Service: 1 2 William Fricke VP - Senior Credit Officer Structured Finance Group JOURNALISTS: 1 2 Client Service: 1 2 Releasing Office: Moody's Investors Service, Inc. Francis Wissman Vice President - Senior Analyst Structured Finance Group Moody's Investors Service, Inc. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. This publication does not announce a credit rating action. Please see for any updates on changes to the lead analyst and to the Moody's legal entity that has issued the rating. Alternatively, please see the Framework list at for a copy of this framework. The framework used in this analysis was "Servicer Quality Assessments for Servicers of Residential Mortgages" published in December 2019 and available at. In response to the COVID-19 pandemic, the company successfully transitioned the majority of servicing employees to a remote working environment. The mortgage servicing industry continues to be subject to a high level of regulatory scrutiny. The company anticipates growth in their servicing portfolio in 2021 via additional sub-servicing for both performing and non-performing loans. Selene continues to invest in technology through proprietary systems such as its loan resolution and valuation tools. The stability assessment incorporates Selene's private ownership structure as well as the company's experienced management team. We view Selene's servicing stability as below average. During the review period, Selene implemented COVID-19 investor reporting requirements. The loan boarding process is automated and validated through quality control protocols. We assess Selene's loan administration function as average. During the review period, loans in foreclosure and REO were placed on hold to comply with investor and regulatory COVID-19 moratoriums. Selene has automated the foreclosure referral process and implemented foreclosure and bankruptcy dashboard reports to monitor performance. The company's foreclosure timeline performance was above average relative to peers. ![]() We view Selene's foreclosure and REO timeline management as above average. Selene is working with its sub-servicing clients to implement forbearance exit strategies. ![]() ![]() For borrowers affected by COVID-19, Selene provided self-service options (website and IVR) for customers seeking payment assistance. Selene utilizes a comprehensive, proprietary system for evaluating loss mitigation options. We assess Selene's loss mitigation abilities as above average. Although call center metrics for the company were stressed in early 2020 due to the COVID-19 pandemic, the metrics normalized during subsequent months. The company's special servicing performance metrics were above average for the review period when compared to peers. We view Selene's collection abilities as above average for subprime and special servicing and average for prime loans. Pretium is an investment management firm focused on real estate, mortgage finance and corporate credit. In October 2019, Selene Holdings LLC, parent company of Selene, was acquired by Mortgage Solutions Holdings LLC, a wholly owned subsidiary of Pretium Partners LLC ("Pretium"). We also affirmed Selene's SQ assessment of SQ3- as a prime servicer. ![]() New York, Janu- Moody's Investors Service ("Moody's") has affirmed the servicer quality (SQ) assessments for Selene Finance LP (Selene) at SQ3+ as a servicer of subprime and special servicer of residential mortgage loans. Residential Mortgage Servicer Assessment Action Announcement - Servicer: Moody's Affirms Selene Finance LP 's Servicer Quality Assessments
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