Fitch Upgrades Cendant's Ratings
Fitch Ratings has upgraded Cendant Mortgage's ratings as a residential servicer for prime loans and has given the company a home equity servicer rating as well.
Fitch now rates Cendant as a 'RPS1-' servicer of residential prime mortgage loans, up from 'RPS2+'.
And at the same time, Fitch assigned Cendant its 'RPS2+' rating as a primary servicer of home equity loans and home equity lines of credit.
The new home equity and HELOC servicer rating reflects Cendant's "established internal controls, solid loan administration processes, and effective default management practices for second liens," Fitch said.
Cendant Mortgage, headquartered in Mt. Laurel, N.J., has been servicing prime residential mortgage loans for over 24 years. As of Sept. 30, Cendant serviced a residential portfolio of more than 811,000 loans for over $111.8 billion, including 36,000 home equity lines of credit. More than 77% of the servicing portfolio is comprised of Fannie Mae, Freddie Mac and Ginnie Mae loans.
Fitch said that Cendant continues to "proactively improve its servicing platform through the implementation of robust internally developed and vendor technologies, an expanded training curriculum, addition of junior level managers, updated internal controls, and enhancements to its investor reporting capabilities."
Fitch will continue to monitor the company's performance and evaluate its progress in managing operations and growth initiatives.
Fitch rates residential mortgage primary, master and special servicers on a scale of one to five, with one being the highest rating.
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