Fitch Upgrades CitiFinancial's Subprime Servicer Rating to 'RPS1-'.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. upgrades CitiFinancial Mortgage Company's (CFMC CFMC Colorado Foundation for Medical Care CfMC Computers for Marketing Corporation (San Francisco, CA) CFMC California Foundation for Medical Care CFMC Cincinnati Financial Management Center CFMC Concerned Families of Maryland Coalition ) residential primary servicer rating for subprime product to 'RPS1-' from 'RPS2+'. The upgrade is based on the company's experienced management team, comprehensive loan administration processes and controls, strong emphasis on customer satisfaction, effective default management strategies and continued success in managing and resolving delinquent loans. The rating also reflects the financial strength of CFMC's parent, Citigroup, which is rated 'AA+' by Fitch. Headquartered in Irving, TX, CFMC has approximately 1,557 servicing employees. The company is a national provider of home equity loans and first lien mortgages with an annual volume of over $16 billion. As of June 30, 2005, CFMC serviced a portfolio in excess of 271,000 loans for $24 billion, which was comprised almost entirely of subprime product. CFMC continues to leverage its position within Citigroup's Consumer Lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. Group operations, sharing centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. functions including credit control, loan administration, financial analysis and reporting, customer service, training, quality control, internal audit, and compliance with other Citigroup mortgage operations. Senior management for CFMC is comprised of business, servicing, and technology managers from CFMC, CitiMortgage Inc., Citibank, and Associates Home Equity Services. CFMC has a strong focus on improving its customer interactions and incorporates a Gallup survey into its customer satisfaction dashboard (1) See Mac Dashboard. (2) A software-based control panel for one or more applications, network devices or industrial machines. Dashboards display simulated gauges and dials that look somewhat like an automobile dashboard. which management uses to monitor trends on a monthly basis. Fitch believes that the improvements that CFMC continues to make to technology, 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 , and corporate controls have positioned CFMC to effectively manage its growing portfolio while maintaining performance. However, Fitch will continue to monitor CFMC's performance and evaluate its progress in managing its operations and growth initiatives, as well as the continued enhancement of its servicing platform. 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 Feb. 21, 2003, available on Fitch's 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 are also available from the 'Code of Conduct' section of this site. |
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