Standard & Poor’s (S&P) has announced it has affirmed a “strong” ranking for Bendigo and Adelaide Bank as a servicer of prime residential loans.
The credit ratings agency said the ranking reflects its opinion that Bendigo and Adelaide Bank “continues to maintain sound operational and servicing capabilities, supported by its effective management team and organisational structure”.
S&P said the regional bank’s key servicer strengths include a sound risk management and compliance framework, a robust group assurance framework supported by annual internal and external audit plans, a sound quality assurance process for data integrity and compliance checks involved in loan processing and pre-settlement functions, and a comprehensive and structured training and development program.
“The stable outlook reflects our view that [Bendigo and Adelaide Bank] will maintain its operational and servicing capabilities in the medium term through continued improvements in its operational and servicing functions, as envisaged in its clearly defined strategic objectives,” S&P said.
[Related: IMB receives ‘strong’ loan servicer ranking]