Wells Fargo (WFC) solidified its place as a solid commercial-mortgage backed securities servicer by announcing it's in the final stages of integrating its commercial loan servicing platform with the Wachovia platform it acquired when it purchased the bank in 2008, Fitch Ratings said.
The move impressed Fitch, which believes an integrated servicing platform for commercial loan operations will increase Wells Fargo's operational efficiencies, securing its place as a strong primary servicer.
Fitch Ratings affirmed Wells Fargo's CMBS servicer ratings. The bank's primary (CPS2+), master (CMS2) and special servicer (CSS2-) CMBS ratings remain unchanged.
"The special servicer rating affirmation is based on the team's CMBS workout experience, internal controls, and ongoing disclosure of information on specially serviced assets to investors," Fitch wrote in its ratings report. "The special servicing team experienced no turnover within the last 12 months and improved its technology supporting the tracking and reporting of specially serviced loans."
By the end of March, Wells Fargo's commercial mortgage servicing portfolio contained 37,406 loans valued at $431.9 billion. About 25,810 of those loans were CMBS loans valued at $347.7 billion.
Wells Fargo was the named master servicer for 337 CMBS transactions consisting of 25,296 loans valued at $334.8 billion, based on data released in March. The bank also oversees third-party CMBS primary servicers that service 4,152 loans valued at $40.5 billion.
Wells Fargo is the named special servicer for 59 CMBS deals that consist of 1,040 loans valued at $31.5 billion.