NEW YORK--(BUSINESS WIRE)--Fitch Ratings has reviewed a request to confirm RMBS ratings in connection with the mortgage servicing rights (MSR) transfer from IndyMac Mortgage Services, a division of OneWest Bank, FSB (IndyMac) to Ocwen Loan Servicing, LLC (Ocwen). The MSR transfer for the loans in the request is anticipated to occur on Nov. 1, 2013.
After reviewing the proposed transfer, Fitch does not expect negative rating actions on any Fitch-rated classes as a result of the transfer. However, Fitch notes that this does not preclude the possibility that future rating actions may be taken due to rating criteria or future performance considerations.
The analysis follows the announcement in June 2013 that Ocwen intends to purchase IndyMac's MSR portfolio of agency and non-agency RMBS loans of approximately $78 billion. The transactions reviewed are collateralized with prime, Alt-A and subprime loans and were securitized by various RMBS issuers. Fitch has taken rating action in the past on transactions acquired by Ocwen due to an increased risk of future servicing disruption. The RMBS included in this proposed transfer pass Fitch's stress scenarios. Therefore, the MSR transfer from IndyMac to Ocwen in and of itself will not affect the outstanding ratings.
Ocwen is not expected to acquire any of IndyMac's servicing staff or operations in connection with the MSR purchase. Loan transfers are expected to occur in multiple stages and to be completed by the end of the fourth quarter 2013.
A spreadsheet listing the Fitch-rated transactions that were part of the request can be found at 'www.fitchratings.com' by performing a title search for 'Fitch Completes Review of IndyMac RMBS Servicing Transfer'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. RMBS Surveillance Criteria' (Oct. 11, 2012);
--'Fitch Downgrades 37 Ocwen Serviced U.S. RMBS Classes' (Sept. 11, 2013)
Applicable Criteria and Related Research: Fitch Completes Review of IndyMac RMBS Servicing Transfer
U.S. RMBS Surveillance Criteria