...NEW YORK (Standard & Poor's) March 9, 2006--Standard & Poor's Ratings Services today lowered its Commercial Mortgage (Primary) Servicer ranking on Ocwen Loan Servicing LLC (OLS) to AVERAGE from ABOVE AVERAGE and its Commercial Mortgage Special Servicer ranking to ABOVE AVERAGE from STRONG. The outlook for both rankings is stable. The lowered rankings coincide with OLS' strategy to transition from being a principal servicer to a third-party servicer. The lowered primary servicer ranking is based in large measure on very high employee turnover rates that are well above OLS' peers and industry averages. Simultaneously, Standard & Poor's has observed a steady runoff in portfolio volume along with OLS' reduced involvement in CMBS, especially in transactions of newer vintage that possess greater complexity and require a more intense level of reporting. Accordingly, the breadth of OLS' policies and procedures are acceptable for its current level of servicing and reporting demands. The AVERAGE...
