Fitch Ratings Affirms Wells Fargo's Resi Primary Servicer Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 14, 2003 Fitch affirms Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Home Mortgage, Inc.'s (WFHM WFHM Wells Fargo Home Mortgage ) 'RPS1' residential primary servicer ratings for prime, Alt-A and subprime products. The ratings are based on the company's experienced management team, strong financial condition and robust internal control environment. The ratings also recognize WFHM's comprehensive collection and loss mitigation procedures, extensive reporting capabilities and advanced, integrated technology. WFHM, headquartered in Des Moines Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , IA is a leading originator and servicer of residential mortgage loans. The company's well managed, balanced growth, highly sophisticated technology and active servicing retention strategy have positioned WFHM as a high quality servicer of prime, Alt-A and subprime products. As of July 31, 2003, WFHM serviced almost 4.5 million loans totaling $602.9 billion, and represents year over year growth since 2001 of 47.9%, 10.9% and through July 31, 2003, 5.7%, respectively. Subprime product totaled $9.1 billion for the same period. The company has kept pace with its heavy production environment and has managed the impact on its servicing platform using its advanced technology, vendor outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. and its unique capacity planning Determining the required future configuration of hardware and software for a network, datacenter or Web site. There are numerous capacity planning tools on the market used to monitor and analyze the performance of the current hardware and software. model. During the year, the company relocated its Charlotte, NC servicing center to a new Fort Mill, SC facility, providing increased capacity for its growing portfolio. Additionally, the company restructured its servicing management to further focus company resources on its varied customer and investor segments. WFHM continues to operate an effective servicing platform and is expected to remain a proficient pro·fi·cient adj. Having or marked by an advanced degree of competence, as in an art, vocation, profession, or branch of learning. n. An expert; an adept. servicer of prime, Alt-A and subprime product. Fitch will continue to monitor the company's progress in effectively managing its retention and growth initiatives. 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. 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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