Fitch Upgr Ameriquest Mortgage's Resi Servicer Rtg To 'RPS2-'.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 28, 2001 Fitch upgrades Ameriquest Mortgage Ameriquest was one of the United States's leading wholesale subprime lenders. Ameriquest was founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. Company's (AMC (Advanced Mezzanine Card) See AdvancedTCA. ) residential primary servicer rating for subprime product to 'RPS2-'. This ratings upgrade is based on the company's continued ability to service, collect, and liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the subprime product. The rating also reflects AMC's marked improvement in net earnings year-to-date, its experienced senior servicing management team, comprehensive loan administration processes and controls, solid training program, and its established default management strategies and procedures. Established in 1979 as Long Beach Savings and Loan Association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. , Ameriquest is a non-rated, privately owned specialty finance company engaged in the business of originating, purchasing, selling and servicing subprime mortgage loans secured by one to four family residences. AMC's origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real and servicing operations are headquartered in Orange, CA, with a current retail branch network of 200 offices nationwide. As of Aug. 31, 2001, AMC's servicing operations, serviced over 90,400 subprime loans Subprime Loan A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Notes: Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. , for a total balance of over $9 billion, an increase of over 14% in loan volume and an increase of over 30% in dollar volume from one year ago. Approximately 55% of loans in the current servicing portfolio are part of private residential mortgage backed securities. Fitch will continue to monitor the impact of recent and planned enhancements on operational efficiencies and consistent loan product performance. 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 Aug. 3, 1999 and available on Fitch's web site at `www.fitchratings.com'. |
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