SPML gives 'above average' service

The Above Average rating is the second highest servicer evaluation rating awarded by Standard and Poor’s.

Comenting on the decision, Angela Davies, SPML’s operations director, said: "We felt it was important for SPML to obtain a servicer evaluation rating for a number of reasons. Our service to packagers and brokers is already acknowledged to be among the best in the sector. However, we are now completing at least three securitisations a year, so we needed an independently assessed external measure of service excellence to help us achieve top overall ratings for these bonds.

"We are also increasingly providing a third party administration service to other lenders – especially those who have bought tranches of non-conforming loans to generate margin, and who need an experienced non-conforming loan servicer to administer the loans. Here, again, the S&P rating provides an objective measure of our service standards for prospective customers."

The Standard and Poor’s assessment covered a comprehensive range of SPML’s business activities, including financial position, collections management, technology, administration, internal controls, staff and training.