Specialized Loan Servicing’s Servicer Ratings Affirmed

Fitch Ratings announced that it has affirmed Specialized Loan Servicing, LLC’s (SLS) residential primary servicer ratings for Alt-A, subprime, and home equity line of credit (HELOC) products at ‘RPS3’ and its special servicer rating at ‘RSS3’. Headquartered in Highlands Ranch, Colorado, SLS is a privately-held mortgage servicing company owned by Terwin Advisers, LLC (Terwin) and its affiliates. SLS has been servicing loans since January 2004 and as of Aug. 31, 2006, serviced 134,817 loans with a principal balance of over $11 billion, a 63 percent growth in loan volume over the past year with a corresponding 56 percent increase in staff. During 2006, Fitch noted in its review that SLS continues to make operational and technological improvements to its loan administration processes and has successfully automated several functions. In 2007, SLS plans to focus on continuing to improve operational efficiencies, expanding product diversity and growing the existing servicing portfolio through Terwin product lines as well as from third-party servicing opportunities. Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5 with 1 being the highest rating. Within some of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) symbols, as well as the flat rating. For more information on Fitch’s residential servicer rating program, see Fitch’s report ‘Rating U.S. Residential Mortgage Servicers,’ dated Nov. 29, 2006, which is available on the Fitch Ratings web site at  

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