GreenPoint Ratings Affirmed by Fitch
Fitch Ratings has affirmed GreenPoint Mortgage Funding's primary servicer ratings for alt-A loans, home-equity loans and home-equity lines of credit.
Fitch affirmed the servicer ratings at "RPS2," citing GreenPoint's experienced management team, established technology and expanded training programs as factors in the ratings.
The ratings also reflect the financial strength of GreenPoint's parent, North Fork Bancorporation, which is currently rated "A-" by Fitch and on Rating Watch Negative status. North Fork is in the process of being acquired by Capital One Financial in a deal that is expected to close in the fourth quarter of this year.
GreenPoint Mortgage's servicing division is located in Columbus, Ga. As of March 31, GreenPoint Mortgage had a servicing portfolio consisting of 281,000 loans with an aggregate principal balance of almost $48 billion. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com