HomEq Affirmed at Top Rating
Fitch Ratings has affirmed its top rating designations for HomEq Servicing Corp.
HomEq continues to receive a "RPS1" rating for servicing alt-A and subprime mortgage loans. It also receives an
"RSS1" rating as a special servicer.
In both cases, it is Fitch's highest rating designation.
In addition to strong servicing and collection practices, Fitch said the financial strength of HomEq's parent, Wachovia Corp., also played a role in the ratings.
Headquartered in Sacramento, Calif., HomEq has continued its commitment to the subservicing business, Fitch said.
As of March, HomEq serviced about 275,000 loans totaling over $16.3 billion, of which $6.9 billion were subprime product and $9.4 billion were alt-A loans.
Since Fitch's previous review, HomEq has realigned its management structure to highlight the company's core and special servicing functions, the rating agency said.
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