Fitch Affirms Saxon's 'RPS2+' Primary Svcr Rtg & Assigns Special Svcr 'RSS2+' Rtg.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 Saxon Mortgage Services, Inc's (SMSI SMSI sommet mondial de la société de l'information SMSI Strong Metal-Support Interaction SMSI Simplified Message Service Interface ) residential primary servicer rating for subprime product at 'RPS2+' and assigns a special servicer rating of 'RSS2+'. The primary servicer rating is based on the company's experienced management team, continued technology investments, and capable loan administration procedures. The special servicer rating reflects SMSI's focused default management and asset liquidation methodologies. With servicing offices located in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. and Glen Allen, Virginia Glen Allen is a census-designated place (CDP) in Henrico County, Virginia, United States. The population was 12,562 at the 2000 census. Geography Glen Allen is located at (37.660094, -77.485634)GR1. , SMSI is a subsidiary of Saxon Capital, Inc. (SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. ) and has been servicing subprime loans for over 12 years. As of June 30, 2006, SMSI's portfolio consisted of approximately 165,000 loans with an outstanding principal balance of $26.4 billion, a 6.5% increase over its Dec. 31, 2005 portfolio balance. On Aug. 9, 2006, SCI announced that it had agreed to be acquired by Morgan Stanley for approximately $706 million, or $14.10 per share in cash. The acquisition is expected to close by the end of the year, and is subject to certain terms and conditions, including regulatory and SCI shareholder approvals. SCI's management indicated that the acquisition is expected to provide the company with increased scale, improved access to funding, and a better competitive position in a consolidating market. Since Fitch's last review, SMSI continued to invest in its servicing platform infrastructure and technology to position itself to handle future portfolio growth. The servicer maintains an experienced management team at all levels and continues to realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. management reporting structures and workflows to further support improved efficiencies and oversight of its loan administration and default management processes. The Glenn Allen site provides redundant services in call center, loss mitigation, asset review and training areas, and supports the company's overall disaster recovery plans. During the year, SMSI completed several technology upgrades in its call center and default management areas that further expand the company's capacity to support a growing portfolio. Fitch believes that SMSI continues to provide a scalable servicing platform with solid default management capabilities and innovative, integrated technology. Fitch will continue to monitor SMSI's ability to maintain performance while integrating its business processes with the Morgan Stanley culture, management and operations. 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 (-) symbols, 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 the Fitch Ratings web site 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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