Fitch: Statebridge assigned "outlook stable" rating
Rating based on evidenced servicing capabilities
Fitch Ratings assigned Denver-based mortgage servicer Statebridge Company an "outlook stable" rating based on its evidenced servicing capabilities.
“Statebridge has an experienced senior management team, developed recruiting, staffing, and retention programs, and developed loan and default administration capabilities,” Fitch said.
The rating also takes into account Statebridge's limited operating history, recent change in ownership and current portfolio size
The company was established in 2008 and is majority owned by FrontRange Capital Partners.
”We have known the Statebridge principals for many years and have been impressed by their proven ability to build an exceptional team and platform,” said David Robertson, CEO of FrontRange. “Management continues to own a significant stake in Statebridge, and we look forward to partnering with them to invest in the growth of the business.”
“With the investment from FrontRange, we plan to accelerate that growth by making strategic investments in our people and systems, as well as becoming a GSE servicer,” said Kevin Kanouff, president and CEO of Statebridge.
As of June 30, the servicer sub-serviced 5,675 loans for approximately $1.08 billion and anticipates that its portfolio will increase to 10,000 loans by year-end 2014.