...S&P Global Ratings' rankings on Selene Finance L.P. (Selene) are ABOVE AVERAGE and AVERAGE as a residential mortgage loan special servicer and primary (prime) servicer, respectively. On Oct. 6,2021, we affirmed the special servicer and prime servicer rankings (see "Selene Finance L.P. ABOVE AVERAGE Residential Special, AVERAGE Prime Servicer Rankings Affirmed; Ranking Outlook Stable," published Oct. 6, 2021). The ranking outlook is stable as a special servicer and as a prime servicer. We revised the ranking outlook as a residential special servicer to stable from negative because the company reinstated its internal audit (IA) program in late 2019. The IA program was initially suspended beginning in early 2018, with subsequent testing initiated in the first quarter of 2020. Selene selected an outside firm to handle this function, developed a satisfactory audit plan, and has completed several reviews since its reintroduction. The AVERAGE ranking for prime servicing is due to the size of Selene's...
