Solid depth and breadth of management and staff, with significant industry experience and company tenure; A dedicated focus on its 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 that benefits from a unique risk-sharing model, with over 93% (up from 78% in 2009) of its loans having risk sharing with lenders; Large active portfolio of master servicing loans, with the volume of specially serviced loans declining because of improved market conditions; Continued low level of delinquencies in the portfolio of multifamily loans; Homogenous multifamily property portfolio, with minimal exposure to other commercial property types; and Currently in conservatorship, with an uncertain future. S&P
