With the introduction of Servicer Evaluations in 1989, S&P Global Ratings became the first ratings agency to give global market participants an independent, objective view of a company's ability to handle the increasingly complex demands of servicing loans and asset portfolios. Covering a wide range of servicers, including several types of commercial and residentialmortgage servicers, Servicer Evaluations are conducted by a dedicated team of analysts with expertise in evaluating various operational risks.

A Servicer Evaluation is not a credit rating. Following a comprehensive evaluation process, analysts assess a servicer's operational strengths and risks to derive appropriate sub-rankings and overall rankings. The ranking and supporting analysis are conveyed in a written report that may be made public if a servicer engages for a public ranking. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational and portfolio developments.

S&P Global Ratings' Servicer Evaluations provide a consistent, objective analysis of servicer performance. Each evaluation offers an overall ranking - based on sub-rankings covering a servicer's management and organization, and administrative processes, along with a review of the servicer's financial position - that makes it easy to assess a servicer's capabilities andcompetence.

Servicer Evaluations offer benefits to investors, issuers, bankers, and servicers alike. They can serve a variety of valuable functions, including:

• Helping investors make well-informed investment decisions by highlighting key servicer performance measurements.
• Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation.
• Providing servicers with a resource that they can use to raise their company profile, market themselves to originators, compare themselves with peers, and assess internal performance.