NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms ColumbiaNational Real Estate Finance, LLC's (CNREF) commercial primary servicer rating of 'CPS2-'. The rating reflects Fitch's assessment of CNREF's long history of primary servicing experience through predecessor companies, effective internal control environment managed through detailed policies and procedures and technology, and experienced and tenured management and staff. The rating also considers the company's limited experience with more complex loan structures as well as longer disaster recovery timelines as compared to other Fitch rated servicers.
CNREF was established in 1939 to originate, sell, and service both residential and commercial mortgage loans. CNREF is a full-service mortgage banking firm that retains and services approximately 83% of originated loans. The company employs 31 individuals across three offices with two production offices in Washington, D.C., and Baltimore, MD, and commercial loan servicing in Columbia, MD.
As of Sept. 30, 2013, CNREF's total servicing portfolio consisted of 343 loans totaling $3.5 billion. The majority of the servicing portfolio is composed of life company and government sponsored entity (GSE) loans, representing 60% and 19% (by balance) respectively. Also as of the same date, the company acted as primary servicer on 65 CMBS loans totaling $578.5 million.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. Commercial Mortgage Servicer Rating Criteria' Feb. 18, 2011;
--'Rating Criteria for Structured Finance Servicers' Feb. 6, 2013.
Applicable Criteria and Related Research:
U.S. Commercial Mortgage Servicer Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005
Rating Criteria for Structured Finance Servicers
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699690
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=815475
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