Fitch Assigns M&T Mortgage Corp. 'RPS2' Resi Servicer Rating.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. assigns M&T Mortgage Corporation (M&T) its 'RPS2' residential primary servicer rating for prime product. The rating is based on M&T's solid financial condition, seasoned executive and servicing management team and proven loan administration procedures. The rating also reflects the company's creditable default management practices and effective internal control environment. Headquartered in Buffalo, NY, M&T is 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 M&T Bank Corporation, which is a New York state chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission holding company, and a subsidiary of Manufacturers and Traders Trust Company. M&T Bank Corporation is the fourth largest bank holding company in New York and operates over 700 branches throughout New York and nearby states. Through a number of mergers and acquisitions over the past five years M&T Bank Corporation has grown to over $52 billion in assets. Both M&T Bank Corporation and Manufacturers and Traders Trust Company are rated 'A-' for long-term debt by Fitch. M&T Mortgage Corporation's servicing platform has developed expertise in servicing prime conforming loans, GNMA GNMA abbr. Government National Mortgage Association Early Buyouts, SONYMA SONYMA State of New York Mortgage Agency loans and Alt-A loans over its twelve years of operation. M&T serviced approximately 173,000 loans totaling $14.6 billion as of March 31, 2004. The servicing portfolio by loan volume consists of approximately 40% agency loans, 21% private residential mortgage backed securitizations (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ), 16% owned, 11% SONYMA, 9% GNMA, and 3% other loans. Roughly 72.5% of the portfolio is comprised of prime conforming conventional loans, with Alt-A loans representing 15% and FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). and VA loans representing 12.5%. Fitch's review confirmed that M&T has developed a competent and effective servicing platform through the guidance of a seasoned management team, reliable technology, and sound servicing practices. In addition, M&T has earned top servicer ratings from Fannie Mae and Freddie Mac for the past three years. Fitch will continue to monitor M&T's effectiveness in managing loan performance and portfolio growth initiatives. 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, please see Fitch's report 'Residential Mortgage Servicer Ratings', dated February 21, 2003, which is available on Fitch's web site at 'www.fitchratings.com'. |
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