Fitch Launches New CMBS Servicer Rating

Fitch Ratings has started a new rating category, CMBS primary servicer for small loans, for servicers of small loans in the commercial mortgage-backed securities sector."Servicing small-balance commercial mortgages typically requires greater customer service interaction with borrowers than is necessary with conduit loan servicing," the rating agency said. "Therefore, asset administration of small loans often requires a more personal touch. Because many of the properties securing these loans are owner-occupied businesses, analyzing physical property inspection reports, monitoring payment histories, and evaluating the credit scores of borrowers is often as, if not more, important than analyzing property operating statements." Fitch said that it issued its first such rating to Imperial Capital Bank in May. Fitch can be found online at http://www.fitchratings.com.