It hired many new (executive) managers and staff.servicing office and opened another servicing location in Salt Lake City, as well as a corporate office in Dallas. Since our prior review (see " Servicer Evaluation: Selene Finance L.P." published March 25, 2020), the following changes and/or developments have occurred: Management reported that there were no disruptions to the company's operations or data facilities. The company implemented its plan due to the COVID-19 pandemic. IA and quality control (QC) reports that reflect mainly satisfactory results despite some control deficiencies in certain areas, which have been resolved or are being remediated.įurthermore, Selene maintains a disaster recovery and business continuity plan, including response procedures to address operational disruption as a result of a pandemic event.Call center metrics that were higher than its peer group and.Quantitative metrics that are generally competitive with the company's peer group.Improvements completed in new loan boarding processes.Well-designed complaint management processes and a satisfactory vendor management program.Satisfactory levels of internal controls, which rely on multiple lines of defense for oversight of the servicing operation.A capable information technology (IT) environment that uses both vendor and proprietary applications.An improving training environment, which now has some limited career pathing mechanisms, with a plan to implement further enhancements in 2021, such as creating user guides and job aids for all departments.An experienced team of senior and middle managers.Therefore, it is difficult to assess performance results. This portfolio has remained mainly static for more than two years, with a low level of volume, and has decreased significantly from 2017. The AVERAGE ranking for prime servicing is due to the size of Selene's prime portfolio. Selene selected an outside firm to handle this function, developed a satisfactory audit plan, and has completed several reviews since its reintroduction. The IA program was initially suspended beginning in early 2018, with subsequent testing initiated in the first quarter of 2020. We revised the ranking outlook as a residential special servicer to stable from negative because the company reinstated its internal audit (IA) program in late 2019. The ranking outlook is stable as a special servicer and as a prime servicer. ABOVE AVERAGE Residential Special, AVERAGE Prime Servicer Rankings Affirmed Ranking Outlook Stable," published Oct. 6,2021, we affirmed the special servicer and prime servicer rankings (see " Selene Finance L.P. (Selene) are ABOVE AVERAGE and AVERAGE as a residential mortgage loan special servicer and primary (prime) servicer, respectively. S&P Global Ratings' rankings on Selene Finance L.P.
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