Southern Pacific Mortgage Limited is the first lender in Europe to be awarded an above average servicer evaluation rating by Standard & Poor's.
The above average rating is the second highest servicer evaluation rating awarded by Standard and Poor's.
Angela Davies, SPML's operations director, says: “We felt it was important for SPML to obtain a servicer evaluation rating for a number of reasons. Our service to packagers and brokers is already acknowledged to be among the best in the sector. However, we are now completing at least three securitisations a year, so we needed an independently assessed external measure of service excellence to help us achieve top overall ratings for these bonds.
“We are also increasingly providing a third party administration service to other lenders, especially those who have bought tranches of non-conforming loans to generate margin, and who need an experienced non-conforming loan servicer to administer the loans. Here, again, the S&P rating provides an objective measure of our service standards for prospective customers.”
The Standard and Poor's assessment covered a comprehensive range of SPML's business activities, including financial position, collections management, technology, administration, internal controls, staff and training.