Fitch Upgr GreenPoint Mortgage Resi Servicer Rtgs To `RPS2-`.Business Editors NEW YORK--(BUSINESS WIRE)--June 29, 2001 Fitch upgrades GreenPoint Mortgage Funding Inc.'s (Greenpoint) residential primary servicer rating for `Alt-A' residential mortgage loans and rating for home equity and HELOC HELOC Home Equity Line Of Credit (home equity line of credit) loans to `RPS rps abbr. revolutions per second 2-`. These ratings are being upgraded based on GreenPoint's improved operational efficiencies in loan administration, internal controls, and default management processes. The ratings also reflect the company's continued solid loan delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. performance while transforming the servicing operation from a single product servicer of non- conforming (No-Doc) loans to a servicer of Alt-A, No-Doc, HELOC and agency loans. The change in portfolio type is due mainly to the acquisition and merger of the Headlands Mortgage Co. servicing portfolio into the company's Columbus, GA servicing center in 2000. GreenPoint Mortgage Funding, Inc., headquartered in Larkspur, California Larkspur is a city in Marin County, California, United States. As of the 2000 census, the city population was 12,014. Larkspur is located in western California, north of San Francisco, near Mount Tamalpais. , operates as 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 GreenPoint Bank. The major portion of the servicing operation is located in Columbus, GA, with certain post closing servicing functions performed at a Santa Rosa Santa Rosa, city, Argentina Santa Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. , CA office. As of April 30, 2001, GreenPoint's servicing portfolio consisted of approximately 180,000 loans with an unpaid principal balance of $19.1 billion, of which approximately 34,000 loans representing $1.6 billion were home equity lines of credit, and 49,000 loans representing $5.8 billion were Alt-A loans. Fitch will continue to monitor GreenPoint's effectiveness in managing the future growth and diversification of its servicing portfolio. Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. For more information on the review and rating process for servicers, see Fitch Research on `Rating Residential Loan Servicers', dated Aug. 3, 1999, available on Fitch's web site at `www.fitchratings.com'. |
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