...S&P Global Ratings' rankings on the Federal National Mortgage Association (Fannie Mae) are ABOVE AVERAGE as a commercial mortgage loan master and special servicer. On Jan. 20, 2021, we affirmed the rankings (see "Fannie Mae ABOVE AVERAGE Commercial Mortgage Loan Master And Special Servicer Rankings Affirmed; Outlook Stable," published Jan. 20, 2021). The outlook on each ranking is stable. Our rankings reflect Fannie Mae's: + Solid depth and breadth of management and staff, with significant industry experience and meaningful company tenure; + Continued dedicated focus on the technology platform and applications, along with extensive data loss protection and oversight; + Comprehensive quality control and audit environment; + Solid multifamily underwriting guidelines and servicer oversight, which benefit from a unique risk-sharing model; + Lengthy track record of special servicing loan resolution activity, though it is predominately limited to the traditional multifamily product; + Historical...
