Selene Finance LP Resi Special Servicer And Resi Primary Servicer Rankings Affirmed; Outlooks Revised To Negative

OVERVIEW We affirmed our ABOVE AVERAGE and AVERAGE rankings on Selene Finance LP as a residential special and primary (prime) servicer, respectively. The outlooks for both rankings were changed to negative from stable. We will add Selene Finance LP to the Select Servicer List as a residential primary loan servicer. Our rankings reflect the company's generally sound servicing metrics, good technology environment, and general enhancements made to the servicing organization, inclusive of establishing an internal audit program. The negative ranking outlooks reflect that the company had fallen significantly behind on its quality control reports and is only now becoming current on the reviews. NEW YORK (Standard&Poor's) March 23, 2016--Standard&Poor's Ratings Services today affirmed its ABOVE AVERAGE

...OVERVIEW + We affirmed our ABOVE AVERAGE and AVERAGE rankings on Selene Finance LP as a residential special and primary (prime) servicer, respectively. + The outlooks for both rankings were changed to negative from stable. + We will add Selene Finance LP to the Select Servicer List as a residential primary loan servicer. + Our rankings reflect the company's generally sound servicing metrics, good technology environment, and general enhancements made to the servicing organization, inclusive of establishing an internal audit program. + The negative ranking outlooks reflect that the company had fallen significantly behind on its quality control reports and is only now becoming current on the reviews. NEW YORK (Standard & Poor's) March 23, 2016--Standard & Poor's Ratings Services today affirmed its ABOVE AVERAGE and AVERAGE rankings on Selene Finance LP as a residential special servicer and residential primary servicer, respectively. The outlook for the rankings is negative. Our rankings reflect:...

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