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Fitch Assigns Wachovia Mortgage Corp. 'RPS2' Resi Servicer Rating.

NEW YORK -- Fitch Ratings assigns Wachovia Mortgage Corporation (WMC) its 'RPS2' residential primary servicer rating for prime product. The rating reflects the company's experienced and tenured management team, effective performing loan management procedures and extensive training programs. The rating is also based on the financial strength of the company's parent, Wachovia Bank, and its ultimate parent, Wachovia Corporation, whose long-term debt is rated 'AA-' by Fitch.

WMC is a wholly owned subsidiary of Wachovia Corporation, a diversified banking and financial services company headquartered in Charlotte, NC. Wachovia has a strong retail banking presence through offices in 16 states: Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Tennessee, Mississippi, Texas and California, as well as Washington, D.C.

Headquartered in Charlotte, NC, WMC originates and services a full range of prime residential mortgages using a multi-channel strategy. WMC has serviced prime residential mortgages for almost 60 years and through its predecessors, has a history of long-term growth realized through self-originated mortgage loans that provide consistent income sources and reliable loan quality. In 2001 as part of a major shift in the bank's overall performance strategy, WMC completed the divestiture of its servicing portfolio through the transfer to buyers and a sub-servicer. After three years of performing interim servicing, WMC implemented a retained servicing strategy to maximize Wachovia's brand identity and cross sell capability. To source servicing volume, the company retains servicing on its retail and direct channels and transfers servicing rights on its third party originations. As a result, WMC's portfolio grew 370% in 2005 from 2004 and 50% in 2006. As of March 31, 2006, WMC serviced 216,562 residential mortgage loans totaling over $39.7 billion. WMC's portfolio consists of conforming convention, prime non-conforming jumbo, Alt-A and Federal Housing Administration/Veterans Administration loans.

Fitch's review confirmed that WMC maintains an established servicing platform with the capacity, systems, staff and controls necessary to support its portfolio growth initiatives and strategies. However, Fitch will continue to monitor WMC's performance as it executes its strategy to grow and retain 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. 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 'Residential Mortgage Servicer Ratings,' dated June 21, 2006, which is available on Fitch's web site at

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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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Comment:Fitch Assigns Wachovia Mortgage Corp. 'RPS2' Resi Servicer Rating.
Publication:Business Wire
Geographic Code:1USA
Date:Jun 26, 2006
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