Fitch Affirms WFC Ratings

Fitch Ratings has affirmed Wells Fargo Home Mortgage's top rating as a residential primary servicer for prime, alt-A and subprime mortgage products and assigned the company a rating for special servicing as well.

Fitch affirmed the "RPS1" designations while giving Wells Fargo Home Mortgage an "RSS2" rating to its special servicing operations. The primary servicer ratings reflect WFHM's strong financial condition, robust internal control environment and integrated technology, Fitch said. The ratings also recognize the lender's comprehensive collection and loss mitigation procedures and extensive reporting capabilities as well as its ability to effectively manage and liquidate nonperforming residential mortgage loans and real estate-owned, Fitch said.

WFHM, based in Des Moines, serviced nearly five million residential mortgage loans with a cumulative balance of $708 billion as of June 30.

Wells Fargo's third-party servicing division, America's Servicing Co., services more than 184,000 loans totaling over $20 billion, the rating agency noted.

In June, Wells Fargo appointed Mary Coffin to the position of executive vice president of servicing.

Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com

Next in News ►