Fitch Upgrades BB&T Resi Servicer Rating to 'RPS3+'.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 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. has upgraded Branch Banking and Trust Company's (BB&T) residential mortgage primary servicer as follows: --Primary servicer rating for Prime product to 'RPS3+' from 'RPS3'. The rating action is based on BB&T's experienced management team, solid internal procedures and control, and focused technology platform. The ratings also reflect the financial strength of BB&T's parent, BB&T Corporation, rated 'AA-/F1+', with a Stable Outlook, by Fitch. BB&T Corporation, headquartered in Winston-Salem, North Carolina Winston-Salem is a city in the U.S. state of North Carolina. As of the 2000 census, the city population was 185,776; in 2004 the city annexed an additional 17,483 raising the population to 203,259. , is a $130.8 billion financial holding company which primarily operates through its bank subsidiary Branch Banking & Trust Company. The bank was founded in 1872 and is the oldest bank in NC. The current banking organization was formed by a merger in 1995 between BB&T Corporation and Southern National Bank (SNB SNB Snowboard SNB Service New Brunswick SNB Sentinel Node Biopsy SNB Shake and Bake (algorithm) SNB special negotiating body SNB Singapore Nursing Board SNB Strictly Non-Blocking SNB Strengths/Needs-Based ). BB&T's mortgage loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. center located in Greenville, SC, is part of the retail lending division of the bank. Mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. in Greenville dates back to the 1995 merger with SNB and was chosen as the operations center The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. because of the facility and experienced staff located there. Through slow steady growth the portfolio has grown and as of June 30, 2007, BB&T's mortgage servicing center serviced a portfolio of 337,100 loans totaling more then $46.8 billion including 325,900 prime loans totaling $43.2 billion and 11,200 Alt A loans totaling $3.6 billion. Since Fitch's last review BB&T bolstered its training program by expanding the hours of training to both new and seasoned staff. In loan set-up the audit process was expanded and the document release process was streamlined. The current business plans are sound and based upon past performance and experience. The company expects to originate and hold $12 billion of its loan production. However, market conditions may cause stiff competition for these loans as more entities vie for fewer loans. Fitch's review confirmed that BB&T has the capacity, systems, and staff necessary to support its current and forecasted business plans. However, Fitch will continue to monitor BB&Ts efforts to grow its portfolio in a highly competitive market. Fitch 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 'Rating U.S. Residential Mortgage Servicers', dated Nov. 29, 2006, which is 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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