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Fitch upgrades Oakwood’s service ratings

Fitch Ratings has upgraded Oakwood’s UK servicer ratings.

Its residential primary servicer for prime mortgages and primary servicer for sub-prime mortgages have been upgraded from RPS3+ to RPS2-, while its residential special servicer has been upgraded from RSS2- to RSS2.

Fitch says the ratings are based on Oakwood’s ability to effectively manage growth, as evidenced by its acquisition of four new portfolios within the past 12 months.

The ratings agency also notes the considerable experience among staff, especially the early arrears management team where industry experience exceeds the levels observed among other UK rated servicers.

It adds that the special servicer rating continues to benefit from Oakwood’s proactive management of defaulted loans and the effective use of innovative workout strategies such as loan modifications.

Fitch notes the continued improvement in collection and recovery performance within the ALBA securitisations compared to other UK non-conforming RMBS deals.

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