WaMu's Master Rating Upheld
Fitch Ratings has affirmed its "RMS2+" residential master servicer rating for Washington Mutual Mortgage Securities Corp.
Fitch said the rating is based on WaMu's ability to effectively oversee and monitor loan accounting, investor reporting, and default management of primary and special servicers. The rating also reflects the financial strength of parent Washington Mutual, which is rated "A" by Fitch.
WMMSC is based in Vernon Hills, Ill. Through its predecessors, PNC and Sears, the company has been involved in master servicing since 1979. At the end of 2005, WMMSC's master servicing portfolio included more than 513,300 loans, totaling $129.4 billion. That dollar volume was a 20% increase from one year earlier.
Fitch said that since its last review, WMMSC has begun a migration from a proprietary technology platform to SBO 2000. The migration is expected to be finished by June 30.
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