OVERVIEW We raised our overall ranking on Ocwen Loan Servicing LLC to AVERAGE from BELOW AVERAGE as a commercial mortgage special servicer. At the same time, we also raised our rankings on Ocwen as a small-balance commercial mortgage primary and special servicer to AVERAGE from BELOW AVERAGE. The outlooks for all three rankings are stable. We raised our rankings to reflect our belief that Ocwen has made improvements in its control environment, reducing the number of critical internal audit findings in key areas of the servicing and default operations. We believe the first and second lines of defense exhibit strengthening since our last review as the testing and monitoring processes of both continue to season. Our rankings also reflect stronger
