Roundup: Ratings Upgraded for Three Mortgage Firms
National City Home Loan Services, GreenPoint Mortgage Funding and Puerto Rico-based Equity One have also recently seen their servicer ratings upgraded by a rating agency.
Moody's Investors Service upgraded National City Home Loan Services to a rating of "SQ2-plus" as a primary servicer of subprime residential mortgage loans. Moody's also affirmed National City's rating of "SQ2" as a primary servicer of second liens and upgraded the company's special servicer rating to "SQ2-minus."
Moody's servicer quality ratings range on a scale of one to five, with one being the highest grade. The improved subprime rating is based on "strong collection abilities, above-average loss mitigation results, above-average foreclosure and REO timeline management, and above-average servicing stability," Moody's said.
The parent company, National City Corp., is rated "A1" for senior unsecured debt, Moody's said.
National City HLS primarily services loans purchased from First Franklin Financial Corp., also an affiliate of National City. National City HLS's servicing portfolio totaled $25.6 billion as of April 30, 2005.
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