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Morningstar Credit Ratings, LLC Affirms 'MOR RS2' Residential Mortgage Special Servicer Ranking for FCI Lender Services | ||||
NEW YORK, May 4, 2015-Morningstar Credit Ratings, LLC today affirmed its 'MOR RS2' residential mortgage special servicer ranking for FCI Lender Services as a residential mortgage special servicer. The forecast for the ranking is Stable. The affirmed residential mortgage special servicer ranking is based on the following factors:
• Strong management and professional depth: In Morningstar's view, FCI has a highly tenured management team, which it has continued to strengthen during the past year, and relevant industry experience as a special servicer for mortgage brokers and private investors. FCI has an extensive operating history of more than 30 years as a special servicer and presently services loans for more than 5,600 investors. As of Sept. 30, 2014, FCI's servicing portfolio consisted of 14,070 first-lien-position loans with an aggregate unpaid principal balance (UPB) of approximately $2.8 billion and 7,649 subordinate-lien-position loans with a UPB of approximately $448 million for more than 5,600 investors.
The forecast for the ranking is Stable. Morningstar believes FCI is capable of serving as an effective residential mortgage special servicer for a variety of financial institution clients. Morningstar expects FCI will continue maintaining organizational stability and providing high-quality service and performance results for clients. Morningstar also expects FCI to identify opportunities for further performance efficiencies and technology enhancements, as it continues to integrate best practices and leverage synergies while executing on emerging business opportunities. About Morningstar Credit Ratings, LLC and Morningstar, Inc. Morningstar Credit Ratings' rankings, forecasts, and assessments contained in this press release are evaluations and opinions of noncredit related risks, and therefore, are not credit ratings within the meaning of Section 3 of the Securities Exchange Act of 1934 ("Exchange Act") or credit ratings subject to the Exchange Act requirements and regulations promulgated thereunder with respect to credit ratings issued by NRSROs. Morningstar Credit Ratings, LLC is a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar, Inc. offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 15 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had more than $179 billion in assets under advisement and management as of March 31, 2015. The company has operations in 27 countries. Morningstar, Inc. is not an NRSRO, and its credit ratings on corporate issuers are not NRSRO credit ratings. # # # ©2015 Morningstar, Inc. All rights reserved. MORN-R | ||||
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