Fitch Affirms Bellwether's Primary Servicer Rating

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the commercial mortgage primary servicer rating of Bellwether Enterprise Real Estate Capital, LLC (Bellwether) at 'CPS2-'.

The affirmation reflects Bellwether's strong and experienced management team who has successfully executed the company's business plan for growth while maintaining consistent and improving commercial servicing operations. As a result of a 2014 merger and a 2015 acquisition, Bellwether expanded its servicing portfolio, geographic reach, as well as added depth and experience to its management team and staff while experiencing minimal turnover during the past several years. The rating also contemplates Bellwether's sufficient internal control framework, appropriate technology for its current portfolio, eight year history of primary servicing commercial real estate loans, as well as the company's adequate short-term financial condition.

Bellwether was formed in 2012 through the combination of Bellwether Real Estate Capital with the multifamily mortgage division of Enterprise Community Investment, Inc. of Columbia, MD. The company subsequently merged with Towle Financial Services in September 2014 and acquired Capital Advisors in June 2015 expanding the company's geographic reach, servicing portfolio, and employee base. The company's servicing portfolio increased to 2,367 loans with an unpaid principal balance (UPB) of $12.2 billion as of June 30, 2016 from 1,365 loans with a UPB totaling $6.3 billion at June 30, 2014. The commercial mortgage portfolio is comprised of insurance company (60%), GSE and FHA/RHS (20%), CMBS (17%) and equity and private investor (3%) loans.

Bellwether is a full-service commercial real estate finance company that acts as a correspondent lender for life insurance companies, pension funds, and CMBS lenders. It is also a direct lender for government sponsored entities (GSE) Freddie Mac and Fannie Mae, as well as an approved lender for the Federal Housing Administration (FHA) and Rural Housing Service (RHS).

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Rating Criteria for Structured Finance Servicers (pub. 01 Jul 2016)

https://www.fitchratings.com/site/re/884140

Rating Criteria for U.S. Commercial Mortgage Servicers (pub. 14 Feb 2014)

https://www.fitchratings.com/site/re/735382

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011920

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160920006428/en/

Fitch Ratings
Primary Analyst
Andrew Foster
Director
+1-212-908-0714
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Adam Fox
Senior Director
+1-212-908-0869
or
Committee Chairperson
Daniel Chambers
Managing Director
+1-212-908-0782
or
Media Relations
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Realty Income forms data center JV with $6B in seed assets
• Wolfe Research Upgrades FOX Corp. (FOXA) to Outperform
• Liminatus Pharma amends merger deal with InnocsAI, closing set July 2