|Servicing category||Overall ranking||Management and organization||Loan administration||Ranking outlook|
|Small-balance commercial mortgage primary||AVERAGE||ABOVE AVERAGE||AVERAGE||Stable|
|Small-balance commercial mortgage special||AVERAGE||ABOVE AVERAGE||AVERAGE||Stable|
S&P Global Ratings' rankings on Quantum Servicing Corp. (Quantum) are AVERAGE as a small-balance commercial mortgage primary and special servicer. On Aug. 17, 2023, we affirmed the rankings (see "Quantum Servicing Corp. AVERAGE Small-Balance Commercial Mortgage Primary And Special Servicer Rankings Affirmed," published Aug. 17, 2023). Our ranking outlook is stable for each of the rankings.
Our rankings reflect Quantum's:
- Experienced and tenured management and staff that has remained largely intact during an extended period with no active portfolio;
- Strong support and oversight from its parent company, Rialto Management Group LLC (Rialto);
- Well-documented policies and procedures, albeit with limited testing of their effectiveness in recent years;
- Robust data reporting, tracking, and management capability;
- Good systems to manage and monitor servicing tasks;
- Lack of an independent, formalized internal control environment, which is offset by the fact that an audit is performed by operational management; and
- Lack of an active small-balance primary or special servicing portfolio, although it has a historical track record of servicing its own portfolio in addition to its current responsibilities shadow servicing and performing other servicing functions for the Rialto portfolio.
While there is no active portfolio, Quantum has continued to maintain the processes and systems required to manage small-balance commercial mortgage primary and special servicing portfolios and employs them to shadow service larger-balance loans for Rialto, which transferred this role to Quantum from a vendor in 2020.
Since our prior review (see "Servicer Evaluation: Quantum Servicing Corp.," published Oct. 7, 2021), changes and/or developments have occurred. Quantum:
- Decreased its staffing to 11 from 12;
- Transitioned the vice president in charge of commercial analytics to a role with Rialto;
- Dismantled its dialer system;
- Transitioned its Q-Tools functionality to its workflow and servicing systems;
- Expanded the loan-boarding support provided to Rialto; and
- Implemented an insurance invoice module within its workflow system.
Our ranking outlook is stable for each ranking. While Quantum does not have an active portfolio, it continues to perform servicing functions for Rialto, including shadow servicing and asset management support. Rialto has indicated its continued commitment to Quantum through its investment in its platform, including technology, office space, and licensing.
The financial position is SUFFICIENT.
In addition to conducting an on-site meeting with servicing management, our review includes current and historical Servicer Evaluation Analytical Methodology data through June 30, 2023, as well as other supporting documentation provided by the company.
|Servicer name||Quatnum Servicing Corp.|
|Primary servicing location||Tampa, Fla.|
|Parent holding company||Rialto Management Group LLC|
|Servicer affiliates||Rialto Investment Management LLC, Rialto Capital Management LLC, and Rialto Capital Advisors|
|Loan servicing system||Rialto Capital Asset Management & Servicing System (RCAMS)|
Quantum was formed in June 2005 primarily to service nonperforming residential mortgage loans, which they no longer service. In 2010, Rialto Capital, a wholly owned subsidiary of Lennar, a leading U. S. homebuilder, retained Quantum to service a Rialto/Federal Deposit Insurance Corp. transaction consisting of approximately 5,500 performing and nonperforming commercial loans. Rialto subsequently acquired full ownership of Quantum on Jan. 1, 2014. On Nov. 30, 2018, Lennar sold its Rialto investment management and advisory businesses to investment funds managed by Stone Point Capital LLC and certain Rialto Management Group (RMG) senior personnel. Although ownership of the company transferred, both RMG and Quantum continue to be led by the existing management team.
Quantum is located in Tampa, Fla., and has 11 employees. Support functions, including IT, legal, accounting, finance, and training functions, are provided by Rialto. Quantum completed a bulk sale of its remaining special servicing assets in 2018 and liquidated the last of its primary servicing portfolio in 2020 (see table 1). While there are no active assets, Quantum has continued to maintain the processes and systems required to manage small-balance commercial mortgage primary and special servicing portfolios and employs them to shadow service for Rialto, which transferred this role to Quantum from a vendor in 2020.
|Total servicing portfolio|
|UPB (mil. $)||YOY change (%)||No. of Loans||YOY change (%)||No. of staff||YOY change (%)|
|June 30, 2023||0||N/A||0||N/A||11||-15.4|
|Dec. 31, 2022||0||N/A||0||N/A||13||8.3|
|Dec. 31, 2021||0||N/A||0||N/A||12||9.1|
|Dec. 31, 2020||0||-100||0||-100||11||37.5|
|Dec. 31, 2019||440.3||-53.1||32||-89.8||8||-11.1|
|June 30, 2023||0||N/A||0||N/A||0||N/A|
|Dec. 31, 2022||0||N/A||0||N/A||0||N/A|
|Dec. 31, 2021||0||N/A||0||N/A||0||N/A|
|Dec. 31, 2020||0||N/A||0||N/A||0||N/A|
|Dec. 31, 2019||0||N/A||0||N/A||0||-100|
|UPB--Unpaid principal balance. YOY--Year-over-year. N/A--Not applicable.|
Management And Organization
The management and organization subranking is ABOVE AVERAGE for both small-balance commercial mortgage primary and special servicing.
Organizational structure, staff, and turnover
Quantum has nine staff members as well as a vice president (VP) and a senior VP (SVP) who form its 11-person servicing group. The VP and SVP report to the SVP of loan servicing at Rialto, who in turn reports to the director of loan servicing and investor reporting at Rialto. Quantum benefits from this access to management and some shared services from Rialto. In addition to the loan administration tasks resulting from shadow servicing, Quantum also services Rialto B-note, mezzanine, and floating-rate loans and provides support to the Rialto asset managers.
The VP in charge of commercial analytics, which included payoffs and loan boarding, moved to a position with Rialto since our previous review. Her position was not restaffed. A reorganization of the department reporting lines was completed, resulting in the following servicing operations department structure:
- The loan servicing department reports to the VP and includes billing, payment processing, investor reporting, note sales, lien release, mezzanine and B-note servicing, third-party servicing, and Rialto Capital Asset Management & Servicing System (RCAMS) support.
- The general servicing department reports to the SVP and is responsible for tax and insurance tracking and management, Uniform Commercial Code-1s, bankruptcy, internal audit and quality control, escrow, licensing, and customer service.
- The commercial analytics department reports to the SVP and is responsible for loan boarding, payoff calculations, loan agreement restructure calculations and system updates, and other analytical asset manager support functions.
Each team has backup associates who are fully trained and able to perform the functions of the team they support. This cross training has been an ongoing initiative at Quantum during the last few years. Management feels this initiative creates potential managers and leaders who are in place to handle future growth.
Quantum's management and staff exhibit good industry experience, and their tenure levels are slightly longer than those reported by peers. After increasing the staff size to 13 in late 2021, the Quantum servicing VP transferred to Rialto in 2023. A senior manager was promoted to replace her. Another long-term employee retired after training her replacement for six months. These changes resulted in a 15% turnover rate for the first half of 2023 (see tables 1 and 2).
|Years of industry experience/company tenure|
|Senior managers||Middle managers||Asset managers||Staff|
|Industry experience||Company tenure||Industry experience||Company tenure||Industry experience||Company tenure||Industry experience||Company tenure|
Quantum, which does not have a dedicated training group, focuses on on-the-job training, peer shadowing, and enterprise-wide training provided by Rialto. In 2021, Rialto started "Rialto University," which includes a series of courses that are recorded and available to Quantum staff. As noted above, Quantum has been actively cross training its staff over the last few years. Newly hired employees go through a two-week training and orientation program. As part of the on-the-job training, new employees complete skills-practice exercises, system training, and a review of Quantum's policies and procedures. New hires have a daily touchpoint meeting with their manager during their first week and a skills assessment at the end of each week of orientation.
Senior managers complete annual continuing-education training as part of the servicing licensing requirements for its 54 licenses in 41 states.
Rialto's enterprise training includes courses covering compliance, ethics, industry trends, and systems. While on-the-job training and peer shadowing are less formalized than the training administered by dedicated trainers, this is similar to the practice of other companies with a small number of employees. We believe the training provided by Quantum in conjunction with that administered by Rialto is adequate.
Systems and technology
Quantum has effective technology to meet its primary and special servicing requirements. Since our prior review, the Noble dialer was dismantled, as it was technology no longer needed. Quantum is supported by Rialto's IT group, including system support, security policies, training, and disaster recovery.
Servicing system applications
Quantum uses RCAMS, a proprietary system developed for Rialto, as its main servicing platform. The system includes the following functionalities that contribute to staff efficiency and risk control:
- The ability to attach documents within the servicing platform;
- Automatically uploaded data points at the time of boarding without an interfacing tool;
- The ability to preboard data for use by asset managers pending comprehensive boarding;
- Automated amortization schedules upon boarding and loan restructures;
- The ability to apply funds received to more than one installment;
- Management of assets at a relationship level, which provides greater visibility to all loans and collateral;
- System-generated escrow analysis; and
- The consolidation of property tax information into a single module.
In addition to RCAMS, Quantum uses workflow tools to support operational processes. The business systems development team, which reports through Rialto, provides administrative support to these third-party systems. Quantum previously developed a suite of applications (Q-Tools) that utilized data from multiple sources to report, track, and trigger automated functions. This functionality is now embedded within the workflow tool and RCAMs, including:
- A dashboard application for users to select specific metrics for desktop display (drilldown functionality is embedded to access details for these metrics).
- A reporting application for users to access "canned" reports or build ad hoc reports. Reports can be run, scheduled, and set for delivery via an email link or attachment. Controls are embedded within the tool so no report can be sent to an email address outside the company.
- An application to import data from Microsoft Excel spreadsheets to link to existing data tables. Once linked, full-suite functionality (such as event triggers and reporting) is available for this data.
- A workflow management tool to monitor and track the covenants for mezzanine, B-note, and floating-rate loans, which Quantum services on behalf of Rialto.
Business continuity and disaster recovery
Quantum's disaster recovery and business continuity plans (BCPs) are comprehensive and well-documented and leverage Rialto's operating platforms, which are deployed in the cloud or hosted by software-as-a-service providers with their own business continuity and disaster recovery plans. Additionally:
- RMG's chief operating officer is responsible for the ownership, maintenance, updating, and regular testing of the company's BCP, which is to be reviewed annually.
- In the event of a business disruption affecting an office location, all employees can access systems and networks remotely and may work from any of the locations that are unaffected by the business disruption or from another non-Rialto location of their choosing.
- Rialto's offices in New York, Atlanta, Tampa, and Miami can each be used as primary operating facilities.
- File and virtual private network (VPN) servers are located in the Microsoft Azure cloud data center and are backed up daily.
- Employees have company laptops that allow remote access via VPN login.
- RCAMS has a stated recovery-point objective of 24-48 hours, which is much longer than those reported by peers.
- Disaster recovery plans are schedule to be reviewed and tested annually. The most recent test was performed Nov. 2, 2022, with no material issues cited.
- Rialto uses a third-party company for cybersecurity activities, including the continuous assessment and remediation of cybersecurity risks, cybersecurity training, deep web scanning, domain monitoring, penetration and vulnerability scans, and phishing tests.
- Third-party penetration testing is to be conducted every calendar year; the latest test was conducted in December 2022 with no issues cited. The third-party vendor also performs weekly scans of the external network perimeter.
- Rialto uses next-generation firewalls with endpoint protection and, according to management, has the latest security fabric stack, which is updated automatically.
- The company has a cyber insurance policy and has access to legal counsel for cybersecurity matters.
- The company sends its employees phishing-simulation e-mails annually, which is less frequent than most servicers we rank.
Quantum has a limited risk management system in place and, with no recent active small-balance portfolio, an inability to test its controls. While management performs oversight reviews of asset management activities, system controls are in place, annual Regulation AB reviews are completed, and states perform audits of Quantum; there are no compliance or quality-control reviews performed internally. Quantum relies on its VP and SVP to complete its internal audit, which is not unusual for a company of Quantum's size but is considered a limiting factor for the ranking. At Quantum's current scale, we feel the controls are adequate. Any changes in portfolio size or complexity would require a review of the current control processes in place to ensure they are appropriate to identify and control risk.
Policies and procedures (P&Ps)
Quantum's commercial servicing policies and procedures (P&Ps) manual covers all servicing activities. P&Ps are clear and detailed, including change logs, definitions, and process maps. The manual addresses specific processes by outlining the responsible departments, purpose, and specific steps to accomplish tasks.
P&Ps are typically reviewed twice per year and approved by the VP or SVP of loan servicing. Updates are also made when changes in state law require updates. Each process is assigned an owner, who is responsible for tracking and updating process changes. The manual is housed on a shared network drive for easy access by employees.
The VP and SVP perform the quality-assurance reviews, which include:
- Portfolio surveillance, which includes the reporting and review of call statistics, portfolio delinquency, and workouts.
- Loan-level surveillance, including the timing and quality of customer contact attempts, status of account notes review, and validation of data points within RCAMS.
- The review of asset manager performance, including pipeline reviews and quality-assurance call audits (10 per asset manager per month).
Compliance and quality control
Quantum does not have compliance or quality control teams. Controls embedded into RCAMS include automatic date and time stamps for journal comments, the ability to view any before-and-after loan term changes, and unique ID numbers assigned to each cash receipt for posting audits.
Internal and external audits
Quantum's internal audit is performed by the VP and SVP. This function is housed within the line of business and is therefore not independent from operations, which is what we would expect to ensure segregation of reporting between the auditors and the subjects of their audits. Quantum stated that all main functions are reviewed every year, so it does not have an audit calendar. Without a servicing portfolio, the 2022 audit was limited but did include a review of processes and supporting documents, and no findings were noted.
Quantum does not have a centralized vendor management group. A vendor security management policy is in place for Rialto and is followed by Quantum. This policy specifies the requirements for vendors that transmit, store, and/or process sensitive data. All contracts are reviewed and approved by in-house counsel before being executed. Vendor performance is monitored and audited by Quantum staff. Monthly or weekly vendor meetings are held to review results and address any issues.
Insurance and legal proceedings
Quantum has represented that its directors and officers, as well as its errors and omissions insurance coverage, are in line with the requirements of its portfolio size. As of the date of this report, there were no material servicing-related pending litigation items.
Loan Administration--Small-Balance Commercial Mortgage Primary Servicing
The loan administration subranking is AVERAGE for small-balance commercial mortgage primary servicing.
Since the end of 2020, Quantum has had no primary servicing portfolio (see table 3). While Quantum does perform shadow servicing for Rialto, that portfolio is outside of the scope of our small-balance loan administration subranking. At the same time, we used the services performed as the shadow servicer, along with Quantum's historical servicing performance on its portfolios (i.e., pre-2020) and its documented processes and procedures, to assess its loan administration capabilities.
|Primary servicing portfolio|
|Loan count||UPB (mil. $)||Avg. loan size ($)||30-day delinq. (% UPB)||60-day delinq. (% UPB)||90-plus-day delinq. (% UPB)||Total delinq. (% UPB)||Foreclosure (% UPB)||Bankruptcy (% UPB)|
|June 30, 2023||0||-||N/A||0.00||0.00||0.00||0.00||0.00||0.00|
|Dec. 31, 2022||0||-||N/A||0.00||0.00||0.00||0.00||0.00||0.00|
|Dec. 31, 2021||0||-||N/A||0.00||0.00||0.00||0.00||0.00||0.00|
|Dec. 31, 2020||0||-||N/A||0.00||0.00||0.00||0.00||0.00||0.00|
|Dec. 31, 2019||32||440||14||5.56||0.00||1.69||7.25||0.00||0.00|
|Dec. 31, 2017||313||939||3||2.20||0.00||3.50||5.70||0.00||0.00|
|UPB--Unpaid principal balance. Delinq.--Delinquency. N/A--Not applicable.|
New loan boarding
Based upon its stated practices and written procedures, as well as its experience in boarding its shadow serviced portfolio, Quantum has an effective loan-setup function. Since our prior review, Quantum expanded the loan-boarding support it provides to Rialto; and during 2022 and 2023, the company boarded 21 portfolios, 100 commercial mortgage-backed securities (CMBS) loans, and 16 nonperforming high-balance loans for the company. However, Quantum has not boarded any new loans since the first half of 2019. Control and other features of new loan setup include:
- Borrower welcome letters issued within 15 days of loan closing (although they are not system-generated);
- Data integrity controls, where applicable, which include a review of data and documents from the prior servicer, including pay histories and loan documents;
- Formal tracking and processes for the pursuit of missing documents; and
- The utilization of a preboard phase that provides some data points to users before the comprehensive boarding. This gives users the ability to see some data and complete initial loan reviews in advance of the boarding.
In addition to boarding loans, Quantum is involved in the transfer of note sales, which includes:
- Coordinating the transfer of data with the new servicer;
- Preparing and mailing the goodbye letters;
- Compiling and providing to the new servicer the servicing file, including payment history; and
- Acting as interim servicer, if applicable.
Quantum maintains effective procedures for handling the payment processing function. Process highlights include that:
- Payments can be received via check, wire transfer, and preauthorized transfer.
- Payments are posted on the date of receipt and sent to a central clearing account.
- Bank accounts are reconciled daily.
- The payment processing room requires both a badge and entry code for access.
- Checks are stored in a fireproof safe while on site.
As part of its shadow servicing supporting Rialto, Quantum averages more than 1,500 payment postings per month with, on average, more than $140 million in disbursements monthly.
Investor reporting is automated through the servicing system. Internal controls over the reporting and remitting activities considered in our assessment include that:
- Investor reporting, trustee remitting, and bank reconciliations are handled by investor analysts with oversight by managers and an appropriate separation of duties.
- The servicing system can generate third-party investor remittance reports and is regularly upgraded as the client's request for information shifts.
- Separate individuals handle remittances and monthly investor custodial bank account reconciliations.
- Dual review and authorizations are required for reconciliations and wire transfers.
- The Rialto accounting department reviews and approves all remittances before the wires go out.
While Quantum has no portfolio and therefore no loans with escrow, it maintains adequate controls for escrow administration activities. It currently monitors taxes and insurance for Rialto loans. P&Ps are in place for the oversight of tax and insurance tracking and payments for both escrowed and non-escrowed loans.
The property tax department performs pre-acquisition and post-acquisition tasks as part of its monitoring and tracking, including:
- Pre-acquisition tax scrubs for an accurate picture of the tax exposure to incorporate any added costs from advances.
- Post-acquisition tax status validation with the taxing authorities.
- Validation that payments remitted to the taxing authorities have been applied to the correct parcels.
The monitoring and tracking of insurance coverage is completed by Quantum's insurance department and includes:
- Reviewing insurance documents and loan agreements at loan boarding;
- Setting up the insurance lines within the servicing system and maintaining the data with policy updates;
- Following up with borrowers and insurance agents for proof of insurance; and
- Completing its release of interest upon collateral release.
Quantum tracks and manages taxes and insurance coverage within the servicing system as well as performing escrow analysis. Renewal notices are sent 45 days before policy expiration and within 10 days after policy expiration; if no satisfactory evidence of insurance has been received, a force-placed policy will be issued.
In 2023, Quantum implemented an insurance module within its workflow system to track and manage insurance invoices. The move of invoice processing to the workflow system from a manual email process allows for greater visibility and tracking.
As of June 2023, Quantum was monitoring taxes on 813 loans covering 2,786 parcels, in addition to 4,974 insurance lines.
Asset and portfolio administration
Quantum's P&Ps support portfolio management and loan-level surveillance and include:
- Assignment of loans to asset managers based on capacity and the asset managers' performance and expertise;
- Portfolio surveillance, including call statistics, cash flow reporting, milestone status reporting, and pipeline reviews;
- Monthly loan-level surveillance on every loan, which includes forensic file reviews, system documentation, timeline adherence, and covenant compliance; and
- Call monitoring for quality assurance of 10 calls per asset manager per month.
Quantum does not use a scorecard for its call or account reviews. A more formalized process of documenting identified issues and results is a best practice among servicers who perform call monitoring.
In support of Rialto's asset management, Quantum currently performs the following administration functions:
- Creating a loan synopsis and equity analysis for tax funding requests;
- Providing payment posting instructions;
- Calculating and verifying foreclosure credits when files move to real estate-owned (REO) status;
- Calculating loan reinstatement balances;
- Calculating terms for modifications and reviewing the documents to validate the terms;
- Assisting Rialto asset managers in the analysis of a borrower's financial strength; and
- Updating systems with restructure terms.
Uniform Commercial Codes are not tracked through the servicing system. Quantum uses a vendor for filings and utilizes the vendor's system for tracking, and monitors that vendor to ensure filings are made accurately and on time.
Early-stage collections continue to be handled by the Rialto asset managers rather than the Quantum customer service specialists.
Loan Administration--Small-Balance Commercial Mortgage Special Servicing
The loan administration subranking is AVERAGE for small-balance commercial mortgage special servicing.
Historically, in our view, Quantum has utilized sound processes and procedures to effectively monitor and manage defaulted small-balance commercial real estate loans for loan recovery. However, Quantum liquidated its special servicing portfolio through bulk sales in 2018 and presently has no active loans in inventory.
Although Quantum does not currently have any special servicing assets, it has maintained the policies, processes, and technology to manage a special servicing portfolio. Certain members of the asset management team were retained and moved under Rialto. Management stated that these positions will move back under Quantum when there are assets boarded that justify the dedicated staff. As noted in the controls section, Quantum's VP and SVP perform the oversight function to monitor the asset managers and portfolio performance.
Per Quantum's documented processes and procedures, and using due diligence tools and processes to help formulate an effective recovery strategy, the asset managers:
- Access loan documents directly in the RCAMS system for review;
- Track and manage loan-level covenants within RCAMS;
- Spread borrower and property financials using the financial section in RCAMS; and
- Perform collateral reviews and review property valuations and environmental reports.
Asset managers are also responsible for grading loans. Quantum has the capability and procedures, if requested by the client, to assign risk ratings; the risk-rating process evaluates both the probability that the borrower will default and the estimation or size of the loss once the borrower has defaulted. The probability of default is evaluated and assigned a score between one and eight. Factors assessed include credit risk scores, collateral type, loan-to-value ratios, industry, financial health, payment history, and other quantitative and qualitative assessments. The collateral for a given loan may then be reviewed and assigned a collateral risk grade of 'A' through 'F'. The analysis also considers industry averages and broader economic trends. Grading is used to identify risk and the associated intensity level of the collection efforts. Loans in the "criticized" range of the grading scale are added to the loan watch list. Watchlist loans receive special focus in order to limit the investor's loss.
Loan recovery and foreclosure management
Currently, the Rialto asset managers are responsible for the loan recovery and foreclosure management protocols to efficiently resolve nonperforming loans. These asset managers would be redeployed to Quantum to manage loans boarded to the special servicing portfolio. Per policy, all recovery strategies and any major actions are reviewed for approval by a committee made up of the asset manager, Quantum management, and the investor. In addition to presenting proposed strategies for individual loans during the weekly committee meeting, a review of the deal pipeline is completed to provide updates to the investor. The respective asset manager for any defaulted loan is required to obtain a pre-negotiation letter before entering any substantive negotiations on a workout strategy.
As required, third parties (appraisers, inspectors, attorneys, environmental experts, and brokers) are chosen from approved vendor lists.
REO management and dispositions
Historically and for any future Quantum portfolio, once a property is taken into REO status, Rialto's real estate group would manage the property through final disposition.
When the investor approves a plan to commence with foreclosure or litigation, the asset is transferred to the Rialto legal department, which manages all legal activities and outside counsel. The asset manager will collaborate with the legal department and engage the borrower for negotiations, as needed, or to pursue loss mitigation efforts on a change of status.
The Rialto legal department is responsible for engaging with outside attorneys for foreclosure actions. The Rialto attorney also tracks vendor assignments for appraisals and environmental surveys for loans in foreclosure.
The financial position is SUFFICIENT.
- Quantum Servicing Corp. AVERAGE Small-Balance Commercial Mortgage Primary And Special Servicer Rankings Affirmed, Aug. 17, 2023
- Select Servicer List, July 18, 2023
- Servicer Category Descriptions Expanded And Revised, Feb. 28, 2023
- Servicer Evaluation: Rialto Capital Advisors LLC, Feb. 3, 2023
- Servicer Evaluation: Quantum Servicing Corp., Oct. 7, 2021
- Servicer Evaluation Spotlight Report™: Environmental, Social, And Governance Factors Have Consistently Powered Our Servicer Evaluation Rankings, Nov. 16, 2020
- Analytical Approach: Global Servicer Evaluations Rankings, Jan. 7, 2019
This report does not constitute a rating action.
|Servicer Analyst:||Leigh Stafford McLean, Dallas + 1 (214) 765 5867;|
|Secondary Contact:||Steven Altman, New York + 1 (212) 438 5042;|
|Analytical Manager, Servicer Evaluations:||Robert J Radziul, New York + 1 (212) 438 1051;|
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