Washington Mutual Mortgage Securities Corp. (WMMSC) has been operating for almost 40 years, including several predecessor entities that JPMorgan Chase Bank, N.A. (Chase) acquired from Washington Mutual Bank (WaMu) and EMC Mortgage Corp. (EMC). WMMSC performs master servicing functions for legacy EMC and WaMu master-serviced transactions. Continued Portfolio Runoff and Concentrated Subservicer Risk: The master servicer portfolio continues to decline annually. As of June 30, 2023, the master servicing portfolio consisted of 6,070 loans comprising a UPB of $1.5 billion. Chase’s management indicated that it does not have future plans to engage as a master servicer in new RMBS transactions. However, WMMSC continues to update its systems and processes with operational enhancements that improve processing and cost efficiencies. Effective Technology Environment: WMMSC utilizes Situs/AMC SBO2000.net, a third-party vendor master servicing system with robust cash controls and verification. Chase also continues to maintain and support WMMSC’s information technology and Analytics on Demand (AOD), a third-party vendor application used to calculate the distribution of cash to the individual bond investors. AOD performs calculations, produces reports and calculates amounts to be wired to each trustee for each deal.
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