Servicer Evaluation: Greystone Servicing Corp. Inc.

S&P Global Ratings' rankings on Greystone Servicing Corp. Inc. (Greystone) are STRONG as a commercial mortgage loan primary servicer. On Feb. 5, 2019, we affirmed the ranking (please see "Greystone Servicing Corp. Inc. STRONG Primary Servicer Ranking Affirmed; Outlook Stable," published Feb. 5, 2019). The outlook on the ranking is stable. Our ranking reflects Greystone's: Strong Fannie Mae, Freddie Mac, and Federal Housing Administration (FHA) origination platform, which fuels servicing volume; Effective asset management structure based on unique portfolio requirements; Controlled growth and successful track record in servicing agency lender clients and borrowers; Effective internal control environment; Experienced and tenured management team and staff; and Limited portfolio diversity in terms of property type (87% of unpaid principal balance (UPB) is

...+ The servicer started processing closing tax and insurance analysis for Fannie Mae and Freddie Mac Affordable and Conventional products. The outlook on the ranking is stable. Greystone continues to specialize in loans predominantly backed by multifamily and, to a lesser extent, health care properties, and it remains largely focused in Federal Housing Administration (FHA) and government-sponsored enterprise (GSE) products. We believe Greystone's growth plans are reasonable, and we expect that the servicer will continue to enjoy the strong corporate support historically provided by its affiliates under common ownership control to enhance its ability to administer its portfolio in accordance with generally accepted servicing practices. In addition to conducting an on-site meeting with servicing management, our review includes current and historical Servicer Evaluation Analytical Methodology data through June 30, 2018, as well as other supporting documentation provided by the company....

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