News Column

Fitch Affirms Bellwether Enterprise Real Estate Capital's Comm'l Mtge Primary Servicer Rating

September 4, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the commercial mortgage primary servicer rating of Bellwether Enterprise Real Estate Capital, LLC (Bellwether) at 'CPS3+'.

The affirmation of the primary servicer rating reflects Fitch's assessment of the company's strong management team, sufficient internal control framework, appropriate technology platform relative to the size of the company's portfolio, and six-year history of primary servicing commercial real estate loans. The rating also incorporates the company's adequate short-term financial condition.

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, and an approved lender for the Federal Housing Administration (FHA) and Rural Housing Service (RHS). As of June 30, 2014, the company's primary servicing portfolio of 1,365 loans with an unpaid principal balance (UPB) totaling $6.3 billion was composed of insurance company (52%), GSE and FHA/RHS (28%), CMBS (14%), and equity and private investor (6%) loans.

Bellwether was formed in 2012 as a result of the combination of Bellwether Real Estate Capital and the multifamily mortgage division of Enterprise Community Investment, Inc. (Enterprise) of Columbia, Maryland. Bellwether Real Estate Capital, which was formed by former senior employees of Capstone Realty Advisors, began servicing loans in 2008. Bellwether continues to grow via acquisition, most recently announcing its intention to merge with Towle Financial Services, allowing it to further expand its geographic reach in the mid-west.

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

Applicable Criteria and Related Research:

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 14, 2014);

--'Rating Criteria for Structured Finance Servicers' (Jan. 30, 2014).

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria -- Effective Feb. 18, 2011 to Feb. 14, 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=864994

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.



Fitch Ratings

Primary Analyst

Howard Miller

Director

+1-212-908-0737

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Adam Fox

Senior Director

+1-212-908-0869

or

Committee Chairperson

Chris Bushart

Senior Director

+1-212-908-0606

or

Media Relations

Sandro Scenga, New York, +1-212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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