Fitch Ratings upgrades rating CMIS Group to RPS2+
Fitch states that the upgrade to RPS2+ was granted due to a combination of factors. Since the previous rating in March 2020, CMIS Group has almost doubled its assets under management (AUM), from EUR 2.9 billion in March 2020 to EUR 4.6 billion in December 2021. This was mainly due to a growth in loan originations for Merius Hypotheken.
Focus on innovation
In recent years, Adaxio, the mortgage servicer within CMIS Group, has invested heavily in automating various processes in the areas of underwriting, Primary, Special and Master Servicing. Fitch cites implementing Source Data directly and facilitating Digital signing during a mortgage application as examples of tooling that make work more efficient, faster and reduce risk. That Adaxio is also rolling out consumer portals and an advisor portal for the mortgage brands it services, also justify an increase to RPS2+.
Sander van Lent, Director Adaxio, is very pleased with the increase in the Primary Servicing rating. “It shows that our focus on innovation, digitalization, and automation of our processes and portfolios is the right one. And we will, of course, continue to do so. For example, we will continue to expand our customer and advisor portals, deploy prediction models to prevent or reduce backlogs and streamline even more processes to improve the customer experience for both advisors and consumers. We will do this with a passionate and committed group of people who put the customer’s interests first.”
Consolidation rating of Master and Special Servicing
Fitch has maintained the Special and Master Servicing ratings at RSS2+ and MS2+, respectively. The agency specifies that Special Servicing’s approach is ‘robust’ and therefore retains the RSS2+ rating. Special Servicing has also made technological advances and is working on more improvements. Therefore, a ‘Positive Outlook’ has been added to Special Servicing’s rating.
Fitch considers the processes and control mechanisms of Master Servicing to be stable, which is why a ‘Stable Outlook’ has been added to the MS2+ rating.
About CMIS Group and Adaxio
Adaxio is part of CMIS Group, an organization with a unique position in the Dutch mortgage market. The divisions and organizations within CMIS Group together offer not only mortgage services, but also attractive investment opportunities and independent mortgage advice.
For Adaxio this means that the Servicing has been extensively tested on internal clients. As a result, Adaxio can say with certainty that mortgages are serviced in a smooth manner. Fitch Ratings has been reviewing Adaxio’s Primary, Special and Master Servicing since 2011.