Fitch Reaffirms Irwin's HE Ratings
Fitch Ratings has affirmed the primary servicer rating of Irwin Home Equity Corp. for the servicing of home-equity lines of credit and high loan-to-value ratio loans.
Fitch said the "RPS2" ratings are based on Irwin's "experienced and tenured management team, solid technology platform, and tightened procedures and controls."
Irwin Home Equity is a subsidiary of Irwin Union Bank and Trust, which in turn is a subsidiary of Irwin Financial Corp. Irwin Home Equity, based in San Ramon, Calif., serviced 61,600 loans as of March 31 with a portfolio balance totaling $3.2 billion.
Fitch said that Irwin continues to make process improvements in its loan administration and default management units to facilitate streamlined processing and economies of scale.
Fitch noted that since the review, Irwin has signed an agreement to subservice an additional 1,400 loans totaling $80 million by the end of October.
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