Fitch Ratings affirmed Wells Fargo Bank's (WFB) U.S. residential master servicer rating at 'RMS1', Secure Outlook.

The rating statement is based on the master servicer's solid as well as reliable senior management team, superior servicer reporting as well as remittance treatments, as well as its efficient servicer transfer processes. The rating action additionally mirrors the master servicer's strong backup preparing as well as its shown success in managing transferred profiles from defaulted primary servicers. Additionally, the rating activity reflects the economic strength of its perents  Wells Fargo and also Co. (WF&C), which is ranked 'AA-/ F1+', Secure Overview by Fitch.

WFB has actually been supplying master maintenance because 1988, which forms component of the Corporate Depend on Solutions (CTS) under the wholesale banking division of WFC. CTS has around 2,200 full time equivalents (FTEs), supplies services to more than 42,000 accounts as well as hases more than $2.2 trillion under management. The master servicing operation has 263 dedicated FTEs and utilizes some discussed services via CTS.

WFB is a varied economic services company offering banking, insurance , investments, home loan, and customer and industrial finance through more than 9,000 locations and 12,000 ATMs and also the Web across North America as well as internationally, and also acts as certification manager as well as trustee for CMBS, GNMA, ABS and also MBS securitizations, as well as municipal single-family and also multifamily housing transactions.

Throughout the fourth quarter of 2014, the master servicer presented language in its maintenance transition arrangements that dealt with stop-advance and non-recoverable advance concerns that were connected mainly with non-bank maintenance plans controling acquired mortgage repairing rights (MSR) for distressed transactions. The modifications also consisted of a request to limit the servicers' recoveries to be no more than 10 % of regular monthly remittances. Furthermore, the master servicer finished the automated controls to better manage its settlement, monitoring, and reporting of principal forbearance losses on modified loans. Fitch thinks that the modifications to the maintenance transfer arrangements will both enhance the transition process as well as lower investors' problems on the unfavorable impact that unscheduled recoverable developments were carrying monthly remittances.

WFB's master servicing procedures are headquartered in Columbia, MARYLAND, with additional sites in Houston, TX and also Minneapolis, MN. Since June 30, 2014, WFB master serviced 1,527,164 loans totaling $294.2 billion. This was below 1,569,298 loans totaling $310.7 billion as of the last assessment duration. The profile consisted of 1,135,100 non-agency RMBS loans totaling to $249.9 billion and 392,064 GSE/FHLB lendings amounting to $44.2 billion.