WaMu Master Rating Affirmed
Fitch Ratings has affirmed the residential mortgage master servicer rating of Washington Mutual Mortgage Securities Corp. at "RMS2+."
Fitch said the rating is based on WaMu Securities Corp.'s 25 years of master servicing experience, seasoned management team and reliable proprietary technology. The rating also reflects the financial strength of the company's parent firm, Washington Mutual Inc., which is rated "A" by Fitch.
Washington Mutual Securities Corp.'s master servicing operation is based in Vernon Hills, Ill. As of Nov. 30, 2003, the company's master servicing portfolio consisted of more than 454,000 loans, totaling approximately $101.4 billion, an increase of 25.7% in dollar volume from the end of 2002.
Fitch said that WaMu's technology platform, currently being upgraded, gives strong evidence of the company's ability and commitment to manage significant growth in portfolio size and related delinquencies.
Fitch rates residential mortgage primary, master and special servicers on a scale of one to five, with one being the highest rating in each category. Fitch further distinguishes the ratings by plus and minus signs.
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