Fitch Affirms NetBank's Resi Primary Servicer Rating at 'RPS3+'.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 NetBank's (formerly RBMG RBMG Resource Bancshares Mortgage Group, Inc , Inc.) residential primary servicer rating at 'RPS3+' for prime product. The rating is based on the company's ability to manage its portfolio of conventional conforming products. The rating also reflects NetBank's competent management team, highly integrated technology, established training programs, and improved internal control 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 . Effective Oct. 1, 2004, RBMG merged into its parent, NetBank, an Atlanta-based federal savings bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks and its servicing operations are now a division of NetBank. The loan administration unit, based in Columbia, SC, primary serviced over 122,000 mortgage loans totaling $16.4 billion, as of March 31, 2004. This was an increase of over 56% in loan volume and over 72% in unpaid principal balance since December 2002. Over the past year, NetBank's loan administration division has continued to enhance their already strong training and development programs, recruited a new director of loan administration with over 25 years of industry experience, 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. their risk management and quality control processes, and strengthened their technology platform. The company also enhanced its servicing platform through various operational and organizational improvements that increased the company's efficiencies and productivity. Fitch's review confirmed that NetBank's primary servicing operation continues to be capably run by their senior management team. The company has the necessary servicing capacity and platforms in place to support its targeted growth objectives. Fitch will continue to monitor NetBank's progress in effectively managing the performance of its primary servicing portfolio while pursuing its growth initiatives, enhancing its operations, and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar internal control processes. Fitch Ratings 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 servicer rating program, see Fitch's report 'Residential Mortgage Servicer Ratings,' dated Feb. 21, 2003, which is available on Fitch's web site at 'www.fitchratings.com'. |
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