___moody’s affirms wells fargo’s sq1- assessment as a master servicer__

The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left. Thank you for your interest in sharing Moody’s Research. You have reached the daily limit of Research email sharings. You have successfully sent the research. Please note: some research requires a paid subscription in order to access. U. S. Residential Mortgage Servicer Assessment Action New York, December 15, 2015 — Moody’s Investors Service has affirmed the Servicer Quality (“SQ”) assessment for Wells Fargo Bank, N. A. (“Wells Fargo”) of SQ1- as a Master Servicer of residential mortgage loans


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The assessment is based on the company’s strong reporting and remittance processes, above average compliance and monitoring capabilities and strong servicing stability. ASSESSMENT RATIONALE Moody’s views Wells Fargo’s reporting and remitting processes as strong.

The company is responsible for the reporting and remitting of 1,758 transactions as of June 30, 2015. Since the prior review, the company enhanced the efficiency and data integrity of its servicer file upload process. Additionally, the company replaced its cash management software, reducing cash variances by 77%. Moody’s views Wells Fargo as above average in compliance and monitoring. The company conducts regular desk and onsite reviews as well as monthly and quarterly calls with servicers to monitor servicer performance. Moody’s would positively view increased use of loan sampling and a more formal financial and headline risk review.

Since the last review, the company improved its capability to handle large and unexpected servicing terminations by ascertaining the interest of a number of successor servicers. Additionally, the company initiated a project to better identify and monitor subservicers used by Wells Fargo’s servicers. Wells Fargo’s servicing stability is strong. Wells Fargo Bank, N. A’s counterparty risk assessment is Aa1 (cr), and Wells Fargo & Company, its parent, is rated A2 for senior debt. The master servicing operations are part of the Corporate Trust Services division of the bank and are based in Columbia, Maryland.

As of June 30, 2015, Wells Fargo’s master servicing portfolio consisted of $1.43 million loans with an unpaid principal balance of approximately $276 billion. The previous action for Wells Fargo’s master servicing assessment occurred on 19 May 2015. At that time, we confirmed Wells Fargo’s SQ assessment of SQ1- as a Master Servicer of residential mortgage loans.

Moody’s SQ assessments represent its view of a servicer’s ability to prevent or mitigate asset pool losses across changing markets. The assessment scale ranges from SQ1 (strong) to SQ5 (weak). Where appropriate, a “+” or “-” modifier will be appended to the relevant assessment to indicate a servicer’s relative servicing quality within a particular category. The methodologies used in this analysis were “Moody’s Methodology for U. S. RMBS Master Servicer Quality Ratings” published in March 2009, “Moody’s Methodology for Assessing RMBS Servicer Quality (SQ)” published in January 2013, and “Updated Moody’s Servicer Quality Rating Scale and Definitions” published in May 2005. Please see the Credit Policy page on www. moodys.

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For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www. moodys. com for the most updated credit rating action information and rating history. Francis Wissman Asst Vice President – Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U. S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 William Fricke VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U. S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Moody’s affirms Wells Fargo’s SQ1- assessment as a master servicer © 2015 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY’S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S PUBLICATIONS”) MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT.

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