OVERVIEW We affirmed our ABOVE AVERAGE rankings on Specialized Loan Servicing as a residential mortgage primary, special, subprime, and subordinate-lien loan servicer. Specialized Loan Servicing LLC is a non-bank servicer and sub-servicer for third-party clients, with residential mortgage servicing operations primarily located in Colorado and Arizona. The outlook on each of the rankings is stable. NEW YORK (S&P Global Ratings) July 11, 2019--S&P Global Ratings today affirmed its ABOVE AVERAGE rankings on Specialized Loan Servicing LLC (SLS) as a residential mortgage loan primary, special, subprime, and subordinate-lien loan servicer. The outlook on each of the rankings is stable. Our rankings reflect: Experienced management and staff that continue to achieve measured portfolio growth in agency and non-agency products with reduced delinquency