...While the initial focus of this report is not to rank originators, it is clear from the data that differences among originators exist. Some originators underwrite loans that consistently exhibit characteristics that are of higher risk than those of their peers while others exhibit characteristics that are of lower risk than those of their peers. Fitch recognizes that higher-risk characteristics can be mitigated by other attributes such as property quality and amortization. Fitch Sample: Fitch analyzed 2,058 conduit loans originated for 2013 and first-quarter 2014 securitizations that were rated by Fitch. The sample was limited to conduit loans; large investment-grade credit opinion loans and loans originated for stand-alone transactions were excluded from the analysis. Additionally, loans originated for Freddie Mac transactions were omitted. Originators Matter: Fitch acknowledges the important role the originator has in the performance of commercial mortgage portfolios. Originators make...
