CitiMortgage's Master Servicer Ratings Upgraded by Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 30, 2003 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms CitiMortgage, Inc.'s (CitiMortgage) residential primary servicer rating for prime product of 'RPS1' and upgrades the residential master servicer rating to 'RMS1-' from 'RMS2+'. The primary servicer rating is based on CitiMortgage's seasoned, experienced management team, extensive default management experience, enhanced risk management policies, superior technology, and excellent performance. The master servicer rating is based on CitiMortgage 's continued effective performance in managing its $10 billion master servicing portfolio as well as the numerous efficiencies and enhanced reporting capabilities gained since its acquisition by CitiMortgage. All of the ratings reflect the financial strength of its parent Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. , rated 'AA+' by Fitch fitch: see polecat. . In November November: see month. 2002, CitiMortgage completed its acquisition of the master servicing platform of First Nationwide Mortgage Corporation. The last year has been spent enhancing the technology infrastructure, strengthening internal controls through internal audits and positioning the platform for new business in 2004. As of Aug. 31, 2003, CitiMortgage's master servicing portfolio consisted of 78,671 loans, with an unpaid balance of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $10.3 billion. As of Sept. 30, 2003, CitiMortgage's primary servicing portfolio consisted of over 1.4 million loans, with an unpaid balance of approximately $185.6 billion. Over the last year, CitiMortgage bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. its Compliance and Fair Lending training, upgraded its technology, and enhanced its quality control procedures. Fitch will continue to monitor the primary and master servicing division's performance in managing its portfolio growth initiatives while continuing to maintain performance. Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus(-) as well as the flat rating. For more information on the review and rating process for servicers, see Fitch Research on 'Rating Residential Loan Servicers', dated Feb. 21, 2003 and available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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