Pepper Group Ltd. STRONG Subprime And Prime Loan Servicer Rankings Affirmed

Stocks and Financial Services Press Releases Thursday June 28, 2018 11:14
MELBOURNE--29 Jun--S&P Global Ratings

MELBOURNE (S&P Global Ratings) June 28, 2018--S&P Global Ratings today affirmed its STRONG subprime and prime residential-loan servicer rankings on Pepper Group Ltd. (Pepper). The outlook on both rankings is stable. A servicer ranking is a statement of opinion and not a statement of fact. A ranking is not and should not be represented as a credit rating.

The STRONG subprime and prime residential loan servicer rankings reflect Pepper's continued solid servicing quality and key servicer strengths, which include its:
  • Well-established position as a primary servicer of nonconforming/subprime residential mortgage loans, with a high degree of industry knowledge and proficiency in the Australian servicing market. While Pepper's prime track record is relatively limited, we believe the company has leveraged its nonconforming/subprime loan-servicing experience to build prime loan-servicing operations comparable to its nonconforming/subprime operations.
  • Experienced senior management team that leads a well-qualified and skilled workforce.
  • Solid loan-processing and servicing infrastructure, which provides Pepper with an end-to-end integrated approach to loan origination, servicing, and management.
  • Robust internal audit framework and quality assurance program.

The stable outlook on both the subprime and prime rankings reflect our expectation that Pepper will maintain its strong loan-processing and servicing competence, which is underpinned by its experienced management team, well-qualified and skilled staff, and substantial technology infrastructure.

A copy of S&P Global Ratings' servicer evaluation report for Pepper Group Ltd. is available on RatingsDirect, S&P Global Ratings' web-based credit analysis system, at http://www.capitaliq.com.

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