Prelios Credit Servicing: Fitch assigns “RSS2” – “CSS2” rating

Jul 07 2015

Prelios Credit Servicing, the Company of Prelios Group specialized in the management of non performing loans, received by Fitch rating agency the confirmation of its “RSS2” and “CSS2” rating, as special servicer of residential and commercial mortgage loans. The rating company in fact has particularly appreciated the strengthening of the corporate structure: since the change of ownership in October 2013, PRECS has had a settled senior management team that has allowed the company to put clear business plans in place and follow them through to fruition, as well as It has allowed for a restructure of its servicing teams to support the breadth of services offered to clients. In Fitch’s opinion, the technological equipment of the company continues to improve thanks to the support of group resources. Fitch considers the servicing system to be robust, with a good level of automation and control. Developments include a new performance monitoring tool.

Lastly, PRECS continues to demonstrate the ability to manage the workout process for defaulted loans through a wide variety of workout methods, both non-judicial and judicial, to achieve the maximum possible recoveries. Although the company has gone through a period of considerable change, recovery rates and timelines continue to improve.