Rankings Affirmed On Pacific Life Insurance Co. As Commercial Loan Servicer, Outlooks Stable

Stocks and Financial Services Press Releases Wednesday December 6, 2017 09:46
DALLAS--6 Dec--S&P Global Ratings
OVERVIEW
  • We affirmed our STRONG ranking on Pacific Life Insurance Co. as a strong commercial loan primary servicer and AVERAGE rankings as an average commercial loan master and special servicer.
  • Our rankings reflect our opinion of Pacific Life Insurance Co.'s established servicing track record, experienced management team, effective technology systems, well-documented procedures, and strong audit and compliance environment.
  • The outlooks are stable and the financial position is SUFFICIENT.

DALLAS (S&P Global Ratings) Dec. 5, 2017--S&P Global Ratings today affirmed its STRONG ranking on Pacific Life Insurance Co. (Pacific Life) as a commercial loan primary servicer and its AVERAGE rankings as a commercial loan master and special servicer. The outlooks for all three rankings are stable.

Pacific Life is a wholly owned subsidiary of Pacific LifeCorp, whose ultimate parent company is Pacific Mutual Holding Corp. Pacific Life provides commercial real estate finance and investment expertise to its life insurance, investment, and retirement solutions businesses and to its private-party and securitized mortgage loan-servicing clients, including commercial mortgage-backed securities (CMBS).

Pacific Life's servicing operations offer clients a customized and flexible approach to managing and servicing both performing loan portfolios as a primary servicer and distressed loan portfolios as a special servicer, including for CMBS loan structures and private investment portfolios. These portfolios consist of commercial real estate, construction loans, and aircraft leases; however, construction loans and aircraft leases are not included in the scope of our review. As of June 30, 2017, the company had 54 employees involved in its primary servicing platform and three asset managers within the special servicing group who handle both special servicing and real estate owned (REO) duties. The servicing operations utilize shared services from Pacific Life's parent, including training, audit and finance, information technology (IT), human resources, and legal.

As of June 30, 2017, Pacific Life's primary servicing portfolio consisted of 671 loans totaling $12.1 billion in unpaid principal balance (UPB)--generally flat since last year. The bulk of the portfolio consists of $10.8 billion UPB (140 loans) from the Pacific LifeCorp portfolio, representing 89% of the commercial loan assets serviced by Pacific Life. In addition, the company serviced $713.3 million of CMBS (395 loans), $228.2 million of loans for private clients (133 loans), and $336.1 million (three loans) for two life company participation deals.

Pacific Life's active special servicing portfolio has remained relatively small, with only nine loans ($276.9 million UPB) and one REO asset ($0.2 million UPB) as of June 30, 2017. The company was the named special servicer on 10 CMBS transactions totaling $3.39 billion in UPB as of June 30, 2017; however, none are being actively specially serviced at this time.


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