Fitch Upgr Aurora's Resi Servicer Rtg for Primary Alt-A Product to 'RPS2+'; Affirms its Master Servicer Rating of 'RMS2+'.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 4, 2002 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. upgrades Aurora Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. Loan Services'(ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. ) residential primary servicer rating for Alt-A product from 'RPS2' to 'RPS2+' and affirms its master servicer rating of 'RMS2+'. The primary servicer rating is based on the company's continued effective loan administration processes in servicing Alt-A loan products, as well as the financial strength of its parent, Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Holdings Inc, and its experienced management team. The rating also reflects ALS's solid servicing which was developed through an extensive background in various servicer product types, combined with the company's 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. application of its creditable cred·it·a·ble adj. 1. Deserving of often limited praise or commendation: The student made a creditable effort on the essay. 2. Worthy of belief: a creditable story. technology platform. The master servicer rating is based on the company's continued validated servicing practices and procedures in the functions of investor accounting and remitting processes, primary servicer oversight, default monitoring, and contract administration. As of September 30, 2002 ALS's primary servicing portfolio consisted of over 220,000 loans with an unpaid principal balance of over $23.7 billion, of which over 35% represented Alt-A product in dollar volume. As of September 30, 2002, ALS's master servicing portfolio consisted of 270,000 loans with an unpaid balance of $38.2 billion, of which $31.7 billion represented private residential mortgage backed securitizations. Fitch will continue to monitor ALS's effectiveness in managing its portfolio's growth and loan product mixture in both its primary and master servicing operations. 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  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. ,' dated August 3, 1999, available on Fitch's web site at 'www.fitchratings.com'. |
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