Printer Friendly

Fitch Affirms Ocwen's 'RPS2' & 'RSS2' Resi Servicer Rtgs.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 18, 2002

Fitch Ratings affirms Ocwen Financial Corporation's (Ocwen), 'RPS2' residential primary servicer rating for subprime product, and affirms its 'RSS2' residential special servicer rating, with Rating Outlook remaining Negative. Fitch's Financial Institutions Group originally released a change in the firm's financial ratings on November 29, 2001 ('B' for long-term debt, Rating Outlook Negative) which have remained the same to date for Ocwen. (For more information, please refer to Fitch's web site at www.fitchratings.com.) Those Fitch financial ratings of Ocwen entities directly affect Ocwen's residential mortgage servicer ratings.

Ocwen's affirmed 'RPS2' rating for subprime product is based upon the company's proven capabilities in loan servicing, particularly in call center operations, investor accounting and reporting, cash management controls, customer service and document controls, and effective collection practices. The 'RPS2' rating also reflects Ocwen's highly experienced and progressive servicing management team, its comprehensive training programs, dynamic technology platform, and the successful transition of many servicing functions to Ocwen's new subsidiary in India.

The affirmed 'RSS2' rating for special servicer is based upon the firm's creditable record of performance in resolving a high percentage of delinquent loans prior to foreclosure completion. Ocwen has developed the technology, processes, and expertise to consistently absorb seasoned delinquent accounts and then reduce default timelines and losses. Ocwen has developed many effective proprietary servicing applications, which, in combination with its well-trained staff and its proficient default management team, enables the firm to competently meet the challenges of servicing a growing, diverse, subprime portfolio. Fitch will continue to monitor the company's financial situation to evaluate any potential impact on Ocwen's loan servicing and operational capabilities.

As of July 31, 2002, Ocwen serviced over 322,000 loans totaling $27.97 billion in outstanding principal balance, of which $25.18 billion represented subprime loans. Ocwen continues to grow its servicing portfolio via numerous bulk and flow servicing acquisitions.

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 August 3, 1999, available on Fitch's web site at 'www.fitchratings.com'.
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Oct 18, 2002
Words:390
Previous Article:Sitestar Completes Restructuring; Management Increases Stake; Erhartic Becomes New CEO.
Next Article:Videolocity International Inc. Announces: Digital Entertainment System and Internet Access for Western States Lodging & Management, LC.
Topics:


Related Articles
Fitch Affirms OCWEN's Special Servicer Rating Of `CSS2'.
Fitch Affirms OCWEN's Special Servicer Rating At `CSS2'.
Fitch Affirms Ocwen's Resi Servicer Ratings.
Fitch Ratings Affirms Ocwen's 'CSS2' Special Servicer Rating.
Fitch Ratings Comments on Ocwen's Supervisory Agreement with the OTS.
Fitch Affirms Ocwen's CMBS Special Servicer Rating.
Fitch Affirms & Removes Ocwen's Resi Servicer Ratings From Watch Negative.
Correction: Fitch Takes Ratings Actions on Wells Fargo's Servicer Ratings.
Fitch Affirms Ocwen's Resi and Special Servicer Ratings.
Fitch Affirms Ocwen's Resi and Special Servicer Ratings.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters