Wachovia's Servicer Ranking Raised
Standard & Poor's Ratings Services raised its ranking on Wachovia Mortgage FSB, a wholly owned, indirect subsidiary of Wachovia Corp., to "strong" from "above average" as a residential mortgage loan servicer. The outlook is stable.
The ranking is based on the company's experienced management team, solid infrastructure, robust and comprehensive employee training and development programs, and efficient, effective use of technology in its well-automated mortgage loan servicing environment, S&P said. The ratings agency also said that Wachovia has sound loss mitigation techniques and appropriately assertive collection strategies.
In addition, Wachovia's well-documented policies and procedures form a sound foundation for future portfolio growth, which is further supported by its prudent risk management methodologies, S&P added. Moreover, the company continues to maintain effective oversight and managerial control of its third-party vendors. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/