GreenPoint also Upgraded
Fitch Ratings upgraded GreenPoint Mortgage Funding's residential primary servicer ratings for alt-A and home-equity products to "RPS2" from "RPS2-minus.
Fitch said the primary servicer ratings are based on GreenPoint's experienced management team, upgraded technology, and established loan administration procedures. The ratings also reflect the financial strength of GreenPoint's parent corporation, North Fork Bancorporation, which is rated "A-minus" by Fitch.
GreenPoint Mortgage's servicing division, based in Columbus, Ga., has serviced a broad array of products for more than 12 years, Fitch said. GreenPoint's servicing portfolio contained more than 303,000 loans with an aggregate balance exceeding $45 billion as of March.
GreenPoint's servicing portfolio comprises 36% HELOC loans, 29% alt-A loans, 21% agency loans and 14% prime product by loan volume. Fitch noted that GreenPoint's servicing strategy "includes maintaining its servicing portfolio close to production and selling servicing when economically beneficial."
Since completion of a merger in 2004, North Fork has demonstrated its support of the GreenPoint servicing platform by investing $5.5 million for upgrades to technology.
SNAPSHOT: Greenpoint's portfolio
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