Fitch Affirms Ameriquest
Fitch ratings has affirmed Ameriquest Mortgage Co.'s "RPS2" residential primary servicer rating for subprime loans. Fitch also affirmed the company's "RSS2-minus" rating as a special servicer.
The rating agency said the affirmation reflects AMC's "continued success in managing and resolving subprime, nonperforming and subperforming residential mortgages during a period of rapid portfolio growth."
AMC, headquartered in Orange, Calif., is an originator and servicer of subprime and nonconforming home loans. As of July 31, the company serviced over 240,000 loans for a total balance of nearly $33.25 billion, an increase of about 150% on a dollar-volume basis from a year earlier.
Over 55% of the loans in AMC's portfolio have been sold to investors through private residential mortgage-backed securities.
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