...OVERVIEW + We lowered our overall rankings on Ocwen Loan Servicing LLC (OLS) to BELOW AVERAGE from AVERAGE as a commercial mortgage special servicer and small balance commercial mortgage servicer. In addition we lowered our ranking on OLS as a small balance commercial mortgage special servicer to BELOW AVERAGE from ABOVE AVERAGE. + All three rankings were removed from CreditWatch negative and the outlooks for all three rankings are Stable. + We believe regulatory and investor scrutiny and actions have affected OLS' operations, including consent order actions by the New York Department of Financial Services and the California Department of Business Oversight, as well as various investor allegations and lawsuits. + Various internal audit results included high-risk findings in key areas of the servicing and default operations. The number and criticality of those findings, in our view, is not consistent with other servicers we rank as AVERAGE. + The internal audit department recently experienced...
