Fitch Withdraws Universal's U.S. Residential Master Servicer Rating.NEW YORK -- Fitch Ratings has withdrawn Universal Master Servicing, LLC's (UMS) U.S. residential servicer rating(s) as follows: --Master servicer rating at 'RPS2-". The rating withdrawal is based on the integration of UMS with Wells Fargo & Company (Wells Fargo). UMS is a joint venture between Wachovia Corporation (now Wells Fargo) and Zenta Realty Services, Inc. an onshore/offshore business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in provider. The ratings were determined in accordance with Fitch's criteria 'Rating U.S. Residential Mortgage Servicers', and 'Global Rating Criteria for Structured Finance Servicers. As of June 30, 2009, UMS had a master servicing portfolio of 97,825 loans totaling approximately $21.8 billion, of which, 7,507 loans totaling $1.7 billion were private residential mortgage backed security (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ) securitizations. On Oct. 1, 2009, Universal transferred a significant portion of their master servicing portfolio to Wells Fargo Master Servicing. This transfer totaled approximately $15 billion consisting of about 59,000 loans. UMS's remaining portfolio currently consists of about 37,000 loans totaling approximately $7.2 billion, of which less than $670 million is comprised of RMBS securitizations and approximately $2.2 billion of legacy Wachovia loans. 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 and 'Global Rating Criteria for Structured Finance Servicers' dated Sept. 30, 2009, which are available on the Fitch Ratings web site at 'www.fitchratings.com'. Additional information is available at 'www.fitchratings.com'. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP HTTP in full HyperText Transfer Protocol Standard application-level protocol used for exchanging files on the World Wide Web. HTTP runs on top of the TCP/IP protocol. ://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, 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 WEBSITE '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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion