LONDON: S&P Global Ratings has affirmed its ‘Above Average’ rankings on Link Mortgage Services Ltd. (LMSL) as a primary and special servicer of residential mortgages and as a primary servicer of small-balance commercial mortgages in the U.K.
“At the same time, we affirmed our AVERAGE ranking on LMSL as a special servicer of small-balance commercial mortgages in the U.K. The outlook on our rankings is stable,” S&P said.
. Experienced and tenured leadership team.
. A reduction in its overall staff turnover rate, which reflects ongoing mitigation actions, the effect of which we will continue monitoring.
. Good internal controls environment, supported by the Link Asset Services (LAS) division of the Link Group.
. Continuous development of the technology platform, including enhancements such as increased postroom automation.
. Well-designed residential mortgage servicing operations with a diversified residential mortgage portfolio. Adequate small-balance commercial servicing activity, primarily comprising performing loans.
. The company’s maintained capabilities to manage nonperforming small-balance commercial mortgages, despite a minimal portfolio under management.
. Positive servicing metrics across residential and small-balance commercial mortgages.
. Institutional and financial backing from the Link Group.
The outlook is stable for all four rankings. LMSL has well-established operations that have maintained servicing standards. “We believe LMSL will remain a capable residential and small-balance commercial mortgage servicer of various product types”.