Chase Manhattan Mtge Assigned `RPS2' Resi Servicer Rating.Business Editors NEW YORK--(BUSINESS WIRE)--July 20, 2000 Fitch has assigned Chase Manhattan Mortgage Corporation (CMMC CMMC Central Manchester and Manchester Children's University Hospitals CMMC Chase Manhattan Mortgage Corporation CMMC Corps Materiel Management Center CMMC CONUS MILNET Monitoring Center CMMC COMSEC Materiel Management Center ) its `RPS rps abbr. revolutions per second 2' residential primary servicer rating for prime product. The `RPS2' rating reflects CMMC's strong company experience, solid performing loan administration procedures and controls, experienced and tenured ten·ured adj. Having tenure: tenured civil servants; tenured faculty. Adj. 1. tenured management and staff, as well as the financial strength of its parent, Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. USA, N.A., which is rated `AA' by Fitch. Chase Manhattan Mortgage Corporation, with headquarters in Edison, New Jersey Edison Township (usually known as Edison) is a township in Middlesex County, New Jersey, United States. As of the United States 2000 Census, the township had a total population of 97,687, making it at the time the fifth largest municipality in New Jersey. As of the U.S. , is currently the nation's largest residential mortgage lender and servicer. Chase's home finance lending businesses include home equity, subprime and manufactured housing loans. CMMC has had several servicing acquisitions, the most recent being the Mellon Mortgage Company portfolio in Oct. 1999. CMMC operates its servicing out of three integrated primary sites: Columbus, Ohio; Denver, Colorado; and Monroe, Louisiana. As of March 31, 2000, CMMC serviced a residential portfolio of over 3.2 million loans for $324 billion and ranked as the largest servicer in the nation. The servicing portfolio is comprised of 55% Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Freddie Mac, and 22% Ginnie Mae product. Fitch will continue to monitor CMMC's performance and evaluate its progress in effectively managing its operations and growth initiatives, as well as the full implementation of recent and planned technology enhancements. Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. For more information on the review and rating process for servicers, see Fitch's Servicer Rating Criteria research report titled `Rating Residential Loan Servicers' dated Aug. 3, 1999, available on Fitch's web site at http://www.fitchratings.com . Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
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