Greystone Servicing Corp. Inc. STRONG Primary Servicer Ranking Affirmed; Outlook Stable

  • We affirmed our overall STRONG ranking on Greystone Servicing Corp. Inc. as a commercial mortgage loan primary servicer.
  • Greystone specializes in originating and servicing multifamily and health care loans. Based in Warrenton, Va., it is one of the largest FHA-approved multifamily and health care lenders and a leading lender and servicer of government sponsored enterprise (GSE) loans.
  • The outlook is stable.
CENTENNIAL (S&P Global Ratings) Feb. 5, 2019--S&P Global Ratings today 
affirmed its STRONG ranking on Greystone Servicing Corp. Inc. as a commercial 
mortgage loan primary servicer. The outlook is stable.

Our ranking on Greystone reflects the servicer's:
  • Strong Fannie Mae, Freddie Mac, and Federal Housing Administration (FHA) origination platform, which fuels servicing volume;
  • Effective asset management structure, based on unique portfolio requirements;
  • Controlled growth and successful track record in servicing agency lender clients and borrowers;
  • Effective internal control environment;
  • Experienced and tenured management team and staff; and
  • Limited portfolio diversity in terms of property type (87% of unpaid principal balance [UPB] is multifamily) and investor type (95% of UPB is from government sponsored/insured enterprises).
Since our prior review in September 2017, the following changes or 
developments have occurred:
  • Greystone hired a new Senior Manager over Investor Accounting and a new Assistant Manager in Loan Administration – Insurance.
  • The servicer promoted two senior analysts to Assistant Managers, FM Asset Management, which includes Fannie Mae, Freddie Mac, and pension fund asset management functions.
  • Greystone was ranked the largest U.S. Department of Housing and Urban Development (HUD) multifamily lender for firm commitments for fiscal 2018, along with its affiliates.
  • Greystone purchased, developed, and implemented Microsoft Dynamics 365 for workflow, customer relationship management, and asset management functions.
  • The servicer significantly increased insurance staff to handle its larger loan volume.
  • The servicer started processing closing tax and insurance analysis for Fannie Mae and Freddie Mac Affordable and conventional products.
The outlook is stable. Greystone continues to specialize in loans 
predominantly backed by multifamily and health care properties, and it remains 
largely focused in GSE (Fannie Mae and Freddie Mac) and government-insured 
(FHA, Ginnie Mae, and USDA) loan products. We believe Greystone's growth plans 
are reasonable, and we expect the servicer will continue to enjoy the strong 
corporate support historically provided by its affiliates to enhance its 
ability to administer its portfolio in accordance with generally accepted 
servicing practices.

The financial position is SUFFICIENT.
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