Homecomings Financial Receives S&P'S Highest Residential Mortgage Servicer Designation.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Aug. 19, 2002 Upgraded Rankings Reflect Company's High Level of Service to Borrowers and Investors Homecomings Financial(SM), 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 Residential Funding Corporation (GMAC-RFC), announced today that it received an upgraded "strong" servicing ranking for its residential 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. including subprime and special servicing from international rating agency Standard & Poor's (S&P). The company also received a top ranking for the first time on its alternative loan servicing operations. S&P conducted a comprehensive evaluation of Homecomings Financial's primary loan servicing capabilities. Rankings reflect the company's seasoned leadership team and staff, comprehensive training programs, improved audit environment, superior technology platform, robust data analytics and continued emphasis on risk management strategies. "S&P recognized our efforts to maximize our human capital, technology and capacity to develop best practices across our three servicing sites," said Chris Gilson, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , GMAC-RFC's Residential Capital Group, which includes Homecomings Financial. "Our business is founded on providing superior service, technology solutions and diversified product portfolios for mortgage lenders." In the last year, Homecomings Financial has also been given top servicer rankings by rating agency Fitch and top master servicing designations by S&P. In May of this year, Moody's Investor Services gave Homecomings Financial its top ranking for primary servicing. S&P rates servicers on a five-point scale, ranging from "weak" to "strong." The agency assigned Homecomings Financial its highest rating, "strong," as a residential special servicer, residential subprime loan Subprime Loan A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Notes: Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. servicer, residential loan servicer  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. and residential alternative loan servicer. According to S&P, a "strong" ranking demonstrates the highest degree of ability, efficiency and competence in managing large and highly diverse asset portfolios. "Strong" ranking recipients also have a proven track record of strong and stable management, state-of-the-art computer technology and excellent internal controls, 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 . "Homecomings Financial's ongoing focus on risk management through strong internal controls and emphasis on developing human capital demonstrates that the company continues to be well-situated to execute its business plan," said Richard Koch, an analyst at S&P. "Homecomings will continue to leverage its superior systems environment and default management expertise in order to remain a highly effective servicer of conforming, subprime, and non-performing residential mortgage assets." According to industry sources,(a) Homecomings Financial ranks as one of the top 15 residential mortgage servicers YTD See Year-to-date. YTD See year to date (YTD). and the eighth largest subprime servicer in the United States. ABOUT HOMECOMINGS FINANCIAL/GMAC-RFC Homecomings Financial, the loan servicing unit of GMAC-RFC, services over 560,000 loans through three fully integrated loan servicing centers in Dallas, Texas, San Diego, Calif., and Blue Bell, Pa. , The Dallas center serves as platform headquarters. GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation (GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance ), is a leading private issuer of mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. and home equity loan asset-backed securities and the No. 1 warehouse lender. The company leverages its strengths in securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. , lending and investment to offer a broad portfolio of innovative capital solutions to businesses in a variety of markets. The company is headquartered in Minneapolis and operates in the United States, Europe and Latin America. www.gmacrfc.com (a) INSIDE MORTGAGE FINANCE PUBLICATIONS. |
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