Crown servicer ratings reaffirmed by Fitch
The ratings include ‘RPS3+(prime)’, ‘RPS3+(subprime)’ and ‘RSS3+’ for its UK Residential Primary Servicer and Special Servicer ratings and ‘CPS3+’ (small loans) and ‘CSS3+’ (small loans) for its UK Commercial Primary and Special Servicer ratings in relation to the management of UK residential and commercial mortgage loans.
Crown is the only UK servicer to be rated for CPS and CSS small loans and has particular expertise in granular CRE.
Fitch recognised the growth and enhancements made to Crown’s servicing proposition reflected by increase in the portfolio of assets under management. Fitch noted Crown has shown a key focus on change management, including the appointment of Sue Ross as chief information officer in April this year, demonstrating commitment from the top of the organisation to enhance its operations and technology.
Crown has also displayed strength in the residential loans sector and saw its residential mortgage portfolio more than double in size by value from May 2011 to June 2012.
Eric Stoclet, CEO for Crown Mortgage Management, said: “Fitch continues to recognise the company’s improving financials, industry experience of senior management and Crown’s capability as a mortgage servicer of both residential and commercial mortgages. We have continued to grow assets under management in very difficult market conditions. The ratings affirmation is further evidence that Crown’s business strategy is working.
“As the Fitch report highlights, we hired Sue Ross as chief information officer.
“Sue has a vast and multi-faceted background with over 25 years’ experience delivering complex IT and business change programmes.
“This has been crucial to the process of strengthening our management team, giving us significant bench strength and experience. This puts us in a strong position in the market place as we look to grow the business.”