OREANDA-NEWS. Fitch Ratings has affirmed the following U. S. residential mortgage servicer rating of Statebridge Company, LLC's (Statebridge) sub-servicer mortgage operations:

--U. S. residential primary specialty-subservicer rating at 'RPS3'; Outlook Stable.

The rating affirmation and Stable Outlook are based on Statebridge's effectively-managed growth strategy, experienced management team, and continued investment in systems, facilities, technology, and staff. In addition, the rating takes into consideration the financial support of its parent, FrontRange Capital Partners, LLC, a private equity firm, which continues to fully support its strategic growth objectives.

As part of its growth objectives, the servicer increased the number of positions at its Greenwood Village location by 40 full time equivalents and is in the process of finalizing plans to open a second location in Portland, OR during the third quarter of 2016. The servicer also completed several enhancements to its information technology systems and processes, implemented a new vendor monitoring system and established its vendor management committee.

During this review period, Statebridge added an additional layer of managers to its management team. The additions enhance the servicer's bench strength and help facilitate Statebridge's succession planning objectives. The servicer added two vice presidents and one manager into its loan administration operations, one vice president into default operations, and one vice president and one manager to its technology and systems area.

Statebridge maintains a very experienced senior management team averaging over 27 years industry and seven years company tenure.

The servicer also hired a new compliance manager and implemented its new compliance management system. In addition, Statebridge hired a business development manager to spearhead its growth and loan diversification plans. The servicer indicated that it plans to add more agency/performing loans to its portfolio while strengthening its subservicing capabilities.

As of June 30, 2016, Statebridge has increased its sub-servicing portfolio to approximately 17,700 for approximately $2.6 billion from 11,500 loans totaling $1.6 billion since the prior year's review. Corresponding staffing also increased to 115 from 87 for the same period under review.

Fitch will continue to monitor Statebridge's performance and effectiveness as it continues to grow its mortgage servicing operation.