The Above Average rating is the second highest servicer evaluation rating awarded by Standard and Poor’s.
Comenting on the decision, Angela Davies, SPML’s operations director, said: "We felt it was important for SPML to obtain a servicer evaluation rating for a number of reasons. Our service to packagers and brokers is already acknowledged to be among the best in the sector. However, we are now completing at least three securitisations a year, so we needed an independently assessed external measure of service excellence to help us achieve top overall ratings for these bonds.
"We are also increasingly providing a third party administration service to other lenders – especially those who have bought tranches of non-conforming loans to generate margin, and who need an experienced non-conforming loan servicer to administer the loans. Here, again, the S&P rating provides an objective measure of our service standards for prospective customers."
The Standard and Poor’s assessment covered a comprehensive range of SPML’s business activities, including financial position, collections management, technology, administration, internal controls, staff and training.
