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U.S. Residential Mortgage Operational Assessment Rankings (Feb. 16, 2024)


NEW YORK (S&P Global Ratings) Feb. 16, 2024--S&P Global Ratings today 
published its list of ranked U.S. residential mortgage originators and 
aggregators.

We have reviewed and assigned mortgage operational assessment (MOA) rankings 
and an associated loss coverage adjustment (LCA) factor to the following 
companies (in alphabetical order): 

ORIGINATORS
Name                                                Overall ranking     LCA
A&D Mortgage LLC                                    AVERAGE           1.00x
AmWest Funding Corp.                                AVERAGE           1.00x
Cardinal Financial Co. L.P.                         AVERAGE           0.95x
Carrington Mortgage Services LLC                    AVERAGE           1.00x
Change Lending LLC                                  AVERAGE           1.05x
Constructive Loans LLC                              AVERAGE           1.00x
Deephaven Mortgage LLC                              AVERAGE           1.00x
JPMorgan Chase Bank N.A.                            ABOVE AVERAGE     0.90x
loanDepot.com LLC                                   ABOVE AVERAGE     0.90x
PennyMac Corp./PennyMac Loan Services LLC           ABOVE AVERAGE     0.90x
Temple View Capital Funding L.P. (MCM Capital)      AVERAGE           1.05x
Visio Financial Services Inc.                       AVERAGE           1.00x
Vista Point Mortgage LLC                            AVERAGE           1.00x

AGGREGATORS
Name                                                Overall ranking     LCA
Blue River Mortgage II LLC/
Blue River Mortgage III LLC (Angelo Gordon)         AVERAGE           1.00x
Citigroup Global Markets Realty Corp. (CGMRC)       AVERAGE           1.00x
Deephaven Mortgage LLC                              AVERAGE           1.00x
Ellington Financial Inc.                            AVERAGE           1.00x
Fannie Mae                                          ABOVE AVERAGE     0.80x
Freddie Mac                                         ABOVE AVERAGE     0.80x
Invictus Capital Partners                           AVERAGE           1.00x
JPMorgan Mortgage Acquisition Corp.                 ABOVE AVERAGE     0.90x
LSRMF3 Acquisitions Investments LLC
(Hudson Advisors)                                   AVERAGE           1.00x
Mill City Loan Holdings LLC (AB CarVal Investors)   AVERAGE           1.05x
Morgan Stanley Bank N.A./
Morgan Stanley Mortgage Capital Holdings LLC        AVERAGE           1.00x
Neuberger Berman Investment Advisers LLC            AVERAGE           1.00x
Oaktree Capital Management                          AVERAGE           1.00x
SG Capital Partners LLC                             AVERAGE           1.00x
Toorak Capital Partners LLC                         AVERAGE           1.05x
Vista Point Mortgage LLC                            AVERAGE           1.00x
Western Asset Management Co. (WAMCO)                AVERAGE           1.00x


We will periodically publish updates to this list.


RELATED CRITERIA

MOA RELATED RESEARCH

ORIGINATORS

A&D Mortgage LLC 
AmWest Funding Corp.
Cardinal Financial Co. L.P.
Carrington Mortgage Services LLC 
Change Lending LLC 
Constructive Loans LLC  
Deephaven Mortgage LLC  
JPMorgan Chase Bank N.A.  
loanDepot.com LLC 
PennyMac Corp./PennyMac Loan Services LLC
Temple View Capital Funding L.P. (MCM Capital)
Visio Financial Services Inc.
Vista Point Mortgage LLC
AGGREGATORS

Blue River Mortgage II LLC/Blue River Mortgage III LLC 
Citigroup Global Markets Realty Corp.
Deephaven Mortgage LLC  
Ellington Financial Inc.
Fannie Mae
Freddie Mac
Invictus Capital Partners 
JPMorgan Mortgage Acquisition Corp. 
LSRMF3 Acquisitions Investments LLC
Mill City Loan Holdings LLC  
Morgan Stanley Bank N.A./Morgan Stanley Mortgage Capital Holdings LLC
Neuberger Berman Investment Advisers LLC  
Oaktree Capital Management 
SG Capital Partners LLC
Toorak Capital Partners LLC 
Vista Point Mortgage LLC  
Western Asset Management Co. 
This report does not constitute a rating action.
 
 
Mortgage Operational Assessment Analyst:Alicia Clarke, New York + 1 (212) 438 8805;
alicia.clarke@spglobal.com
Allison Bernhard, New York + 1 (212) 438 1488;
allison.bernhard@spglobal.com
Connor E Cahill, New York + 1 (212) 438 1192;
connor.cahill@spglobal.com
Analytical Manager, U.S. RMBS:Vanessa Purwin, New York + 1 (212) 438 0455;
vanessa.purwin@spglobal.com
James T Taylor, New York + 1 (212) 438 6067;
james.taylor@spglobal.com

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