""Fay Servicing"":http://www.fayservicing.com/index.php, a Chicago-based special servicer, has earned stable outlooks from both ""S&P"":http://www.standardandpoors.com/home/en/us and ""Fitch Ratings"":https://www.fitchratings.com/web/en/dynamic/fitch-home.jsp.
From Fitch, Fay Servicing received Residential Subprime and Special Servicer Ratings of RPS3 and RSS3, respectively, with an ""Outlook Stable"" judgment.
[IMAGE] [COLUMN_BREAK]""The rating actions are based on Fay's robust single point of contact (SPOC) model and integrated servicing technology,"" Fitch said in its ratings release. ""The ratings also incorporate Fitch's overall concerns for the U.S. residential servicing industry which include the ability to maintain high performance standards while addressing the rising cost of servicing and changes to industry practices, mandated by regulators and other parties.""
Meanwhile, S&P granted Fay Servicing a Residential Mortgage Subprime and Special Servicing Rating of average with a ""Stable Outlook.""
""We are proud to have received these ratings especially at a time when the U.S. servicing industry continues to evolve in order to successfully face a variety of challenges associated with added regulations and changing market conditions,"" said Fay Servicing CEO Ed Fay. ""These results validate that we've built a strong foundation for future growth, including securitizations, and that we will continue to responsibly and effectively serve homeowners, lenders and investors for years to come.""