Secondary Market/Investors
Fitch Gives First Construction Loan Rating to JP Morgan
By: PAUL JACKSON
January 22, 2007
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Fitch Ratings said today it has assigned a construction loan servicer rating to JP Morgan Commercial Real Estate Loan Administration (CRELA), assigning the company a rating of ‘acceptable’ as a servicer of commercial real estate loans.
The rating was a first for JP Morgan’s servicing unit, and among the industry’s first assessments of commercial loan servicing capabilities. Fitch did not say if JP Morgan was the first construction servicer it had rated, although a search of the company’s website by Housing Wire did not turn up similar evaluations for any other servicing entities.
Based in Phoenix, with regional servicing offices in Chicago, New York, Houston and Dallas, CRELA currently services construction loans mainly for its parent. As of Sept. 30, 2006, CRELA’s real estate loan servicing portfolio consisted of 1,532 properties valued at $7.66 billion.
Fitch rates construction loan servicers as ‘Acceptable’ or ‘Unacceptable,’ and is the first rating agency to publish criteria regarding the rating of construction loan pools. For more information, visit http://www.fitchratings.com.
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Events
2008 Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
2008 Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
2008 Sep 10 -- 2008 Sep 12
USFN Fall Default Servicing Seminar
Well-attended twice-yearly event series for servicers; closed event for USFN members and invited servicers only.
2008 Sep 17
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Oct 19
MBA Annual Convention & Expo
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