Fitch has announced it has upgraded Lument’s commercial servicer rating as a result of Lument’s continued high performance in overall servicing ability, recent technology enhancements, highly experienced and skilled staff, and effective compliance infrastructure.
Fitch upgraded Lument’s commercial primary servicer rating from CPS2 to CPS2+ and revised the outlook on its commercial loan level special servicer rating, currently CLLSS2-, from stable to positive. Fitch noted that the work, discipline, and close collaboration of Lument’s Loan Servicing and Asset Management (LSAM), Custodial Cash Management, and Real Estate Technology teams are responsible for Lument’s excellent performance.
In describing the upgrades, Fitch cited the outstanding results of the many audits and regulatory reviews conducted on Lument, as well as the firm’s high employee retention rates, critical for achieving this level of consistently high performance. In addition, Fitch described Lument’s in-house technology as best-in-class among highly-rated servicers, citing Polaris, the firm’s new proprietary asset management system, as well as its enhanced borrower portal as evidence of the firm’s expertise.
As of March 2024, Lument’s total servicing portfolio consisted of 6,491 loans with a balance of $51 billion. Fitch expects the portfolio to continue along its current trend of growth, primarily through FHA, Fannie Mae, and Freddie Mac originations.
