Operational Risk Assessment Rankings
Morningstar DBRS Assigns and Monitors ORA Rankings for Mortgage Servicers and Originators
Origination and servicing quality can affect transactional performance from a delinquency, default, and recovery perspective and, consequently, may affect the timely and ultimate repayment of rated securities. Rankings provide an independent, objective and thorough analysis that is based on quantitative and qualitative considerations relevant to the company and its asset class.
Morningstar DBRS assigns public ORA rankings to servicers and originators who participate in securitizations. Morningstar DBRS may also rank servicers that participate in non-securitized transactions, such as servicing mortgage loan portfolios on behalf of a parent company or other third-party investors. Accordingly, these rankings take into consideration a servicer’s abilities and duties acting in such capacities.
A four-level numerical scale is applied after analyzing quantitative and qualitative data obtained through an in-depth review process. Rankings may also include a Trend to characterize the view of their direction over the next year. All rankings are subject to surveillance, which may lead to an affirmation or change, a revised Trend, Under Review placement, or withdrawal.
The ORA ranking focuses foremost on a company’s operational quality and overall effectiveness. ORA rankings are not credit ratings and although financial condition is a consideration, its relative importance is such that a servicer or originator ranking should never be considered as a proxy of its creditworthiness.
Morningstar DBRS’s ORA methodologies for North American Commercial Mortgage Servicer Rankings, U.S. Residential Mortgage Servicer Rankings, U.S. Residential Mortgage Originator Rankings, and Canadian Residential Mortgage Servicer Rankings can be found in the Methodologies and Criteria section of the dbrs.morningstar.com website. The ORA ranking scale can be found in the Rating Scales section of the website or at this link.
ORA Rankings
| Date Issued | ||||||
|---|---|---|---|---|---|---|
| Entity | ||||||
| Asset Class | ||||||
| Entity Type | ||||||
| Action | ||||||
| Ranking | ||||||
| Trend | ||||||
1-Apr-25 | K-Star Asset Management LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS3 | Pos |
18-Mar-25 | Torchlight Loan Services, LLC | Commercial Mortgage | Special Servicer | Lowered | MOR CS2 | Stb |
18-Mar-25 | Torchlight Loan Services, LLC | Commercial Mortgage | Special Servicer | Trend Change | MOR CS1 | Stb |
7-Mar-25 | CMLS Financial Ltd. | Residential Mortgage | Residential Mortgage Servicer | Confirmed | MOR RS1 | Stb |
7-Mar-25 | First National Financial LP | Residential Mortgage | Residential Mortgage Servicer | Confirmed | MOR RS1 | Stb |
4-Mar-25 | Wells Fargo Commercial Mortgage Servicing | Commercial Mortgage | Primary Servicer | Discontinued | Discontinued | -- |
4-Mar-25 | Wells Fargo Commercial Mortgage Servicing | Commercial Mortgage | Special Servicer | Discontinued | Discontinued | -- |
4-Mar-25 | Wells Fargo Commercial Mortgage Servicing | Commercial Mortgage | Master Servicer | Discontinued | Discontinued | -- |
18-Feb-25 | Trimont LLC | Commercial Mortgage | Primary Servicer | Assigned | MOR CS2 | Stb |
18-Feb-25 | Trimont LLC | Commercial Mortgage | Special Servicer | Assigned | MOR CS2 | Stb |
18-Feb-25 | Trimont LLC | Commercial Mortgage | Master Servicer | Assigned | MOR CS3 | Pos |
31-Jan-25 | Mount Street US (Georgia) LLP | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS2 | Neg |
31-Jan-25 | Mount Street US (Georgia) LLP | Commercial Mortgage | Special Servicer | Confirmed | MOR CS3 | Stb |
22-Jan-25 | SCP Servicing, LLC | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS2 | Stb |
22-Jan-25 | SCP Servicing, LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS3 | Stb |
19-Dec-24 | Berkadia Commercial Mortgage, LLC | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS1 | Stb |
19-Dec-24 | Berkadia Commercial Mortgage, LLC | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS2 | Stb |
19-Dec-24 | Berkadia Commercial Mortgage, LLC | Commercial Mortgage | Special Servicer | Raised | MOR CS2 | Stb |
13-Dec-24 | Situs Holdings, LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS2 | Stb |
20-Nov-24 | BREF Partners Special Servicer LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS3 | Stb |
14-Nov-24 | KeyBank, N.A. | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS1 | Stb |
14-Nov-24 | KeyBank, N.A. | Commercial Mortgage | Master Servicer | Confirmed | MOR CS1 | Stb |
14-Nov-24 | KeyBank, N.A. | Commercial Mortgage | Special Servicer | Trend Change | MOR CS1 | Neg |
12-Nov-24 | A10 Capital, LLC | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS2 | Stb |
12-Nov-24 | A10 Capital, LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS3 | Stb |
24-Oct-24 | Midland Loan Services, a division of PNC Bank, N.A. | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS1 | Stb |
24-Oct-24 | Midland Loan Services, a division of PNC Bank, N.A. | Commercial Mortgage | Master Servicer | Confirmed | MOR CS2 | Pos |
24-Oct-24 | Midland Loan Services, a division of PNC Bank, N.A. | Commercial Mortgage | Special Servicer | Confirmed | MOR CS1 | Stb |
18-Oct-24 | CMLS Financial Ltd. | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS2 | Stb |
18-Oct-24 | CMLS Financial Ltd. | Commercial Mortgage | Master Servicer | Confirmed | MOR CS3 | Stb |
18-Oct-24 | CMLS Financial Ltd. | Commercial Mortgage | Special Servicer | Confirmed | MOR CS3 | Stb |
15-Oct-24 | Rialto Capital Advisors, LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS2 | Pos |
23-Sep-24 | LNR Partners, LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS1 | Stb |
9-Aug-24 | Longbridge Financial, LLC | Residential Mortgage | Reverse Mortgage Originator | Confirmed | MOR RVO2 | Stb |
7-Aug-24 | Finance of America Reverse LLC | Residential Mortgage | Reverse Mortgage Originator | Confirmed | MOR RVO2 | Stb |
22-Jul-24 | CoreVest American Finance Lender LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS3 | Stb |
30-May-24 | Greystone Servicing Company LLC | Commercial Mortgage | Master Servicer | Assigned | MOR CS3 | Stb |
30-May-24 | Greystone Servicing Company LLC | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS1 | Stb |
30-May-24 | Greystone Servicing Company LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS1 | Stb |
23-May-24 | Acra Lending | Residential Mortgage | Residential Mortgage Originator | Trend Change | MOR RO2 | Pos |
23-May-24 | Acra Lending | Residential Mortgage | Residential Mortgage Originator | Confirmed | MOR RO2 | Stb |
6-May-24 | CWCapital Asset Management, LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS1 | Stb |
25-Apr-24 | Argentic Services Company LP | Commercial Mortgage | Special Servicer | Confirmed | MOR CS2 | Stb |
12-Apr-24 | Green Loan Services LLC | Commercial Mortgage | Special Servicer | Assigned | MOR CS3 | Stb |
12-Apr-24 | 3650 REIT Loan Servicing, LLC | Commercial Mortgage | Special Servicer | Assigned | MOR CS3 | Stb |
8-Mar-24 | CMLS Financial Ltd. | Residential Mortgage | Residential Mortgage Servicer | Assigned | MOR RS1 | Stb |
8-Nov-23 | Freddie Mac Multifamily Asset Management and Operations | Commercial Mortgage | Special Servicer | Withdrawn | Discontinued | -- |
29-Jun-23 | Acra Lending | Residential Mortgage | Residential Mortgage Originator | Confirmed | MOR RO2 | Stb |
13-Jun-23 | Greystone Servicing Company LLC | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS1 | Stb |
13-Jun-23 | Greystone Servicing Company LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS1 | Stb |
23-Jan-23 | Sabal Capital Partners, LLC | Commercial Mortgage | Primary Servicer | Confirmed | MOR CS2 | Stb |
23-Jan-23 | Sabal Capital Partners, LLC | Commercial Mortgage | Special Servicer | Confirmed | MOR CS3 | Stb |
5-Nov-21 | Aegon USA Realty Advisors | Commercial Mortgage | Special Servicer | Discontinued | Discontinued | -- |
ORA Servicer Evaluations
Morningstar DBRS may also assign public Servicer Evaluations, at the servicer's request, which reflect the evaluation of the quality of the parties that conduct primary, master, and/or special servicing of residential mortgage loans that are typically expected to be securitized in a Canadian transaction that Morningstar DBRS is rating. Based on the results of an operational review, Morningstar DBRS will assign the servicer’s operation an evaluation of Superior, Good, Adequate, or Weak. Servicer Evaluations are not credit ratings. Morningstar DBRS’s Operational Risk Assessments for Canadian Structured Finance methodology can be found in the Methodologies and Criteria section of the website or at this link.
Servicer Evaluations
ORA Rankings
Morningstar DBRS Lowers Torchlight Loan Services' Commercial Mortgage Special Servicer Ranking
SCP Servicing, LLC: Operational Risk Assessments
First National Financial LP: Servicer Ranking
CMLS Financial Ltd.: Servicer Ranking
Morningstar DBRS Confirms CMLS Financial Ltd.'s Canadian Residential Mortgage Servicer Ranking at MOR RS1
Morningstar DBRS Confirms First National Financial LP's Canadian Residential Mortgage Servicer Ranking at MOR RS1
Morningstar DBRS Discontinues Wells Fargo's Commercial Mortgage Servicer Rankings
Contact Us
ORA Contacts
Michael Merriam
Senior Vice President - North American CMBS Ratings
+(1) 203 883 5780
michael.merriam@morningstar.com- Kathleen Tillwitz
Managing Director - US Structured Finance Ratings, Operational Risk
+(1) 212 806 3265
kathleen.tillwitz@morningstar.com - Paul Bretzlaff
Senior Vice President, Sector Lead - Canadian Structured Finance Ratings
+(1) 416 597 7330
paul.bretzlaff@morningstar.com
Business Development
- Michael Natale
Vice President - Global Business Development
+(1) 416 597 7362
michael.natale@morningstar.com - Sean O'Connor
Managing Director, Global Head of Business Development - Credit Ratings Leadership
+(1) 212 806 3252
seanp.oconnor@morningstar.com