Fitch Affirms CitiMortgage's Residential Servicer Ratings.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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 (CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. ) residential primary servicer ratings of 'RPS1' for prime and Alt-A products, 'RPS1-' rating for subprime product, and its 'RMS1' residential master servicer rating. In addition, Fitch assigns CMI its 'RPS1' residential primary servicer rating for home equity/home equity lines of credit product. The primary servicer ratings reflect CMI's experienced management team, proficient loan administration procedures and controls, superior technology platform, effective default management strategies and comprehensive risk management practices. The master servicer rating is based on CMI's extensive master servicing experience, strong portfolio management, and effective procedures and controls. All of the ratings incorporate the strong financial condition of its parent, Citigroup, Inc., which is rated 'AA+' by Fitch. As of Aug. 31, 2006, CMI's primary servicing portfolio was comprised of over 3.3 million loans totaling over $469 billion, an increase of 10% in loan volume and 22% in dollar volume from 3 million loans totaling $384 billion as of June 30, 2005. The primary servicing portfolio contains over $332 billion of prime, $33 billion of Alt-A, $41 billion of subprime, and $17 billion of home equity loans with the balance made up of FHA/VA, manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected and community reinvestment act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. loans. As of Aug. 31, 2006, CMI's master servicing portfolio was comprised of over 161,000 loans totaling $35 billion, an increase of 69% in loan volume and 124% in dollar volume from 95,000 loans totaling $15.6 billion as of July 31, 2005. CMI is in the process of integrating its real estate businesses in an effort to expand cross-sell opportunities and create shared utility functions to make operations more efficient. Effective July 1, 2006, CitiFinancial Mortgage Corporation (CFMC CFMC Colorado Foundation for Medical Care CfMC Computers for Marketing Corporation (San Francisco, CA) CFMC California Foundation for Medical Care CFMC Cincinnati Financial Management Center CFMC Concerned Families of Maryland Coalition ) was merged into CMI. Management indicated that the company intends to continue to consolidate its origination and servicing platforms throughout 2007. Since Fitch's prior review, the company redesigned certain applications from CMI, CFMC, and Citicorp Trust Bank FSB (FrontSide Bus) See system bus. FSB - front side bus into one mega-platform supporting servicing, collections and default for all loan products. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. management, the redesign provides enhanced MIS reports, a reduction in average time employees spend in the application, and an improvement in overall utilization rates. In addition, CMI upgraded its customer service technology with a speech enabled network interactive voice response unit (NIVR NIVR Nederlands Instituut voor Vliegtuigontwikkeling en Ruimtevaart (Dutch: Netherlands Agency for Aerospace Programmes) NIVR Network Interactive Voice Response NIVR Neuron Interactive Virtual Reality ) that allows customers to press or say options in English or Spanish. Through the NIVR, customers can obtain information on payments and escrow accounts; request payoff statements, bi-weekly and EZ Pay forms, 1098's, duplicate statements and payment histories. In addition, customers can make payments by phone, setup promises to pay, and obtain information on ARM loans and conversion eligibility. Fitch has reviewed the company's servicing operations and believes that CMI has the appropriate staff, default procedures, and controls in place to manage its growth initiatives while maintaining performance. However, Fitch will continue to monitor CMI's performance and evaluate its progress in managing its operations and portfolio growth initiatives. Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within some of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information on Fitch's residential mortgage servicer rating program, please see Fitch's report, 'Rating US Residential Mortgage Servicers', dated November 29, 2006 on Fitch's website at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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