Fitch Ratings Affirms Litton's Loan Servicer Ratings
Fitch Ratings has once again given its top ratings to Litton Loan Servicing, a subsidiary of C-BASS, for the servicing of subprime and high loan-to-value ratio loans.
Litton also received the top rating, "RSS1," as a special servicer of residential mortgage loans.
Larry B. Litton, CEO of Litton Loan Servicing, said the company was pleased to have its top ratings affirmed. "We are committed to maintaining the high standards we are known for and as are befitting our top rating," he said in a news release.
Fitch attributed the primary servicer ratings on the company's highly experienced management team, sophisticated default management systems and lengthy experience in servicing defaulted residential loans. The special servicer rating reflects Litton's ability to cure, manage and liquidate nonperforming home loans, Fitch said.
Founded in 1988, Litton Loan Servicing began as a subservicer of problem loans from various mortgage servicers and private investors. C-BASS acquired Litton in 1996, creating a merger of advanced credit analytics expertise with default management experience and state-of-the-art technology, the companies said.
As of May 31, Litton serviced a portfolio of about 280,000 loans with an unpaid principal balance of approximately $34 billion.
In December 2004, Litton acquired the portfolio of PCFS Mortgage Resources, a transaction that increased the company's portfolio by 30%. Litton also retained the Atlanta servicing platform of PCFS. This platform, along with growth at Litton's Houston operations, doubled the company's ability to manage delinquent loans.
C-BASS is a New York-based firm that specializes in the acquisition, servicing and securitization of credit-sensitive residential mortgages. C-BASS is a limited liability company capitalized by MGIC Investment Corp., Radian Group and C-BASS management.
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