Fitch Affirms SLS' Ratings
Fitch Ratings has affirmed Specialized Loan Servicing's primary residential servicer ratings for alt-A, subprime and home-equity line of credit products at an "RPS3" rating. Fitch also affirmed the company's special servicer rating at the same level.
SLS is a privately held mortgage company based in Highlands Ranch, Colo. The company is owned by Terwin Advisors and its affiliates.
As of Aug. 31, SLS serviced 134,817 loans with a principal balance of more than $11 billion, a 63% increase in loan volume over the past year. Fitch noted that SLS has also grown its staff by 56% during the corresponding period.
"Fitch's review confirmed that SLS is a capable servicer and has the requisite staff and technology in place to maintain its expected growth initiatives. However, Fitch will continue to monitor SLS's effectiveness in managing its servicing platform and maintaining adequate controls as the company pursues its overall growth and expansion initiatives," the rating agency said.
Fitch rates approved servicers on a one-to-five scale, with one being the highest rating. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com