Fitch Rates Xpress Loan's FFELP Servicer 'Proficient Plus'; Private SLABS 'Proficient'.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 has assigned a 'Proficient Plus' rating to Xpress Loan Servicing (XLS (filename extension) xls - Excel spreadsheet. ) for FFELP FFELP Federal Family Education Loan Program loan servicing. Strengths include an experienced management team and a financially sound parent corporation, CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. rated 'A' by Fitch). XLS has been servicing federally guaranteed student loans for about three years. Fitch has also assigned a 'Proficient' servicer rating for XLS' private student loan servicing. This primarily reflects their experienced management team and the financial strength of parent CIT. XLS has been servicing private consolidation loans for almost two years and does not currently service unconsolidated private student loans. XLS is a for profit student loan servicing subsidiary of CIT Group Inc. Servicing is performed from their Cleveland, Ohio headquarters using the Compass Servicing System which was developed by AES/PHEAA. XLS began servicing FFELP loans in 2004 and private consolidation loans in 2006. They are currently the tenth largest student loan servicer by unpaid principal balance. As of Dec. 31, 2006, XLS' servicing portfolio totaled about $6.37 billion, of which approximately $6.33 billion is federally guaranteed loans, predominantly consolidated Stafford and Plus loans. The remaining $38.48 million is consolidated private student loans. They do not currently service private student loans that have not been consolidated. Fitch rates ABS seller/servicers as 'Proficient Plus', 'Proficient' or 'Proficiency Unproven'. For further information about Fitch Student Loan ABS seller/servicer ratings, refer to the report titled 'Rating U.S. Student Loan Seller/Servicers,' dated Aug. 1, 2007, 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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