EMC Mortgage Corp, Assigned RSS2, RPS2 Resi Servicer Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 14, 2000 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 assigns EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. Mortgage Corp. its RSS (Really Simple Syndication) A syndication format that was developed by Netscape in 1999 and became very popular for aggregating updates to blogs and the news sites. RSS has also stood for "Rich Site Summary" and "RDF Site Summary. 2 Special Servicer Rating and its RPS rps abbr. revolutions per second 2 Primary Servicer Rating for Subprime Product. Both ratings reflect EMC's solid financial backing, as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The Bear Stearns Cos., Inc., strong company and management experience, and comprehensive loan administration procedures and controls. Recent system enhancements, specifically in the default tracking and reporting areas, indicate EMC's commitment to advanced technology and are considered in both the special and primary ratings. The special servicer rating expressly considers the company's ability to manage and liquidate nonperforming residential mortgage loans and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ) assets, extensive company and management experience in default loan management, and proven track record in loss mitigation. The primary servicer rating for subprime product contemplates the company's ability to service, collect, and liquidate subprime residential mortgage loans. In addition to the above factors, the rating reflects EMC's experience in management of this product including effective early collections, loss mitigation, and overall default servicing. At this time, the RPS2 rating is the highest subprime primary servicer rating attainable from Fitch IBCA for any subprime servicer. Since 1990, EMC has purchased loans with an outstanding principal balance in excess of $6 billion. Over the past five years EMC has sold over 18,000 REO properties. As of Aug. 30, 1999 EMC serviced over 42,550 loans with an outstanding principal balance in excess of $3 billion, of which approximately 18.4% were nonperforming (contractual due date greater than 90 days past due). Fitch IBCA will continue to monitor the affects of the recent system enhancements and the benefits their application should have on EMC's ability to report its performance and operational efficiencies. Fitch IBCA 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 IBCA Research on 'Rating Residential Loan Servicers,' dated Aug. 3, 1999, available on Fitch IBCA's web site at 'www.fitchibca.com'. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion