Roundup: National City Assigned Residential Ratings
Moody's Investors Service has assigned National City Home Loan Services ratings as a primary servicer of subprime residential mortgage loans, primary servicer of second liens and as a special servicer.
Moody's assigned ratings of "SQ2" for primary servicing of subprime product and second lines while giving National City an "SQ3" rating as a special servicer.
Moody's said the ratings are based on above-average collection abilities, average loss mitigation results, above-average foreclosure and REO timeline management, and above-average servicing stability.
Moody's also noted that the servicer is a wholly owned subsidiary of National City Corp., which is rated "A1" for senior unsecured debt. National City HLS primarily services loans purchased from First Franklin Financial Corp., a related company. HLS also performs interim loan servicing for First Franklin originations until these loans are sold on a servicing-released basis.
The company's servicing portfolio totaled $23.1 billion as of Aug. 31.
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