Morningstar Credit Ratings, LLC Affirms ‘MOR CS1’ Commercial Mortgage Primary and Master Servicer Rankings and ‘MOR CS2’ Commercial Mortgage Special Servicer Ranking for Wells Fargo Commercial Mortgage Servicing

New York - 10 December 2015

Morningstar Credit Ratings, LLC today affirmed its ‘MOR CS1’ commercial mortgage primary and master servicer rankings and its ‘MOR CS2’ commercial mortgage special servicer ranking for Wells Fargo Commercial Mortgage Servicing (WFCMS). Morningstar’s forecast for all three rankings remains Stable.

Morningstar affirmed its commercial mortgage primary and master servicer rankings based on WFCMS’ strong management and professional depth, effective use and integration of its growing offshore platform, extensive compliance and audit function, excellent technology resources, proactive portfolio management practices, investor-reporting expertise with commercial mortgage-backed securitizations (CMBS), and emphasis on staff training. The affirmed commercial mortgage special servicer ranking reflects the company’s experienced staff, sound asset-analysis practices, successful resolution record for a moderate volume of specially serviced assets, and implementation of a purchased asset-management application that has significantly improved WFCMS’ asset-tracking and reporting capabilities.

As of June 30, 2015, WFCMS’ primary- and master-servicing portfolio consisted of 33,192 loans with an aggregate unpaid principal balance (UPB) of approximately $484.2 billion. Within the total servicing portfolio, CMBS loans comprised approximately 72 percent by UPB and 64 percent by loan count, and Freddie Mac securitizations comprised 10 percent by UPB and 8 percent by loan count. As of June 30, 2015, WFCMS was the named special servicer on 86 CMBS, 30 Freddie Mac K series transactions, five collateralized debt obligation transactions consisting of 2,491 loans with a UPB of approximately $79.7 billion, and six balance sheet transactions consisting of 1,174 loans and $1.4 billion in UPB. WFCMS’ total named special-servicing portfolio consists of 3,665 loans with a UPB of $81.1 billion. WFCMS’ active special-servicing portfolio had a total UPB of approximately $347.1 million and contained 63 loans and six real estate-owned (REO) properties. The CMBS component of the active special-servicing portfolio had a total UPB of approximately $244.4 million and contained seven loans and four REO properties.


 

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