Servicing

LoanPerformance, San Francisco, has announced that its mortgage securities database now contains loan-level information on more than $1 trillion in securitized mortgages.The company said its database is the industry's largest repository of non-agency mortgage- and asset-backed securities data. It tracks more than 100 million loans contributed by mortgage servicers, securitizers, and portfolio lenders in the United States, according to LoanPerformance. The company, a subsidiary of First American Real Estate Solutions, can be found on the Web at http://www.loanperformance.com.

Oak Street Mortgage, Carmel, Ind., has announced the selection of GMAC Mortgage Corp.,Horsham, Pa., to subservice its mortgage loans on a private-label basis.Under the arrangement, GMAC Mortgage will subservice the loans that Oak Street originates for resale to third parties. "GMAC Mortgage's ability to customize their service levels by type of loan and their willingness to do all of this under our brand was the key to our decision," said Dennis Trent, chief operations officer of Oak Street Mortgage. The company said it will use GMAC Mortgage's DSU platform, which allows it to service various mortgage loan products under any brand identity.

Paul J. Abbamonto has been named executive vice president and chief production officer of ResMAE, a wholesale specialty residential mortgage lender and servicer based in Brea, Calif.Mr. Abbamonto joined ResMAE in 2002 as executive vice president of wholesale production. He will now be in charge of commercial and correspondent lending (as well as wholesale lending), portfolio management, and loan servicing, the company said. ResMAE, which stands for Residential Mortgage Assistance Enterprise, can be found online at http://www.resmae.com.

IndyMac Bank has entered into a strategic alliance with America's Community Bankers to provide correspondent services to the association's member banks and thrifts.Under the terms of the agreement, ACB community banks will be able to sell loans to the Pasadena, Calif., thrift on a servicing-retained basis. "The servicing-retained feature will allow our members to sell mortgages into the secondary market while still maintaining an ongoing relationship with their customers," said William Kroll, president and chief executive of ACB Business Partners. IndyMac Bancorp is the nation's 12th-largest mortgage originator, according to the Mortgage Industry Directory published by National Mortgage News. In 2004, its correspondent division purchased $13.7 billion in loans. "IndyMac Bank is proud of this alliance with ACB," said Len Israel, president of IndyMac's correspondent division. ACB members will have access to IndyMac's QuickPricer and e-MITs technology that provides "online risk-based pricing, decisioning, and rate-locking in less than one minute," he said. ACB also has alliances with Fannie Mae, Freddie Mac, Countrywide Financial Corp., CitiMortgage, and Freedom Financial.

The class C notes of Ingress I Ltd., a collateralized debt obligation supported in part by residential and commercial mortgage-backed securities, has been downgraded from B-minus to CC by Fitch Ratings.Fitch also affirmed the ratings on three other classes in the CDO. The downgrade was attributed to the fact that the overcollateralization ratio of class B failed its required level on each payment date after Sept. 30, 2003, "causing the class C notes to capitalize missed interest payments of over $3.2 million." The CDO is backed by a static pool of asset-backed securities, RMBS, CMBS, and real estate investment trusts.

Residential Capital Corp., Minneapolis, has announced the closing of a $3.5 billion syndication of its bank facilities.The syndication consists of a $1.75 billion three-year term loan; an $875 million three-year revolving loan; and an $875 million 364-day facility that includes a term loan option. The terms and conditions of the bank facilities were not disclosed. GMAC established ResCap earlier this year as a holding company and transferred to it the ownership of GMAC Mortgage Corp. and Residential Funding Corp.

Fitch Ratings has advised lenders that the payment-shock risk inherent in option adjustable-rate mortgages requires a special operational focus on default management.Fitch said mortgage servicers "should have extensive default management procedures and practices" in place prior to taking on option ARM servicing assignments. "The servicer's objective is to return loans to performing status whenever possible, but that may be more difficult if option ARM borrowers simply turn in the keys when their property value is not sufficient enough to cover their debt," said Karen Eissner, a Fitch director. Fitch can be found online at http://www.fitchratings.com.

SunTrust Mortgage ranked highest in overall customer satisfaction among national mortgage servicing companies in the inaugural J.D. Power and Associates Primary Mortgage Servicer Study.Based on more than 9,200 responses from home mortgage customers across the United States, the study found that World Savings Bank ranked second, followed by Bank of America and Countrywide Home Loans, according to J.D. Power. The Westlake Village, Calif.-based firm said the study measured performance in four areas: billing, payment, annual account review/administration, and customer-initiated interaction. "With climbing interest rates suppressing refinance activity, customer recommendations to others has become even more vital to mortgage lending companies," said Jeremy Bowler, senior director of the finance and insurance practice at J.D. Power. "Throughout our research, we find that customers who are satisfied with their lender are considerably more likely to offer a personal referral to a friend, co-worker, or relative, illustrating the strong relationship between customer satisfaction and long-term customer value." J.D. Power can be found on the Web at http://www.jdpower.com.

Nine classes of Greenpoint Credit Manufactured Housing Trust transactions have been downgraded by Fitch Ratings.The downgrades are as follows: series 1999-5, class A-4, from AAA to AA, class A-5, from AAA to A-plus, classes M-1A and M-1B, from A-minus to B, and class M-2, from BB-minus to CCC; series 2000-1, class A-3, from A to A-minus, and class A-4, from BBB to B; and series 2000-3, class IA, from BBB-minus to B, and class I M-1, from B-minus to C. In addition, the ratings on four MH classes were affirmed. Fitch attributed the downgrades to continued poor collateral performance. The rating agency noted that Greenpoint exited the manufactured housing lending business in 2002, but continued to service its MH portfolio until the assets and servicing rights were acquired by GreenTree Servicing in the fourth quarter of 2004.

Twelve classes of United Companies Financial Corp. manufactured housing securitizations have been downgraded by Fitch Ratings.The downgrades of United Companies Funding Inc. transactions were as follows: series 1996-1, class A-6, from AAA to AA-minus, and class M, from B-minus to C; series 1997-1, class M, from B-minus to C; series 1997-3, class A-4, from AA-plus to BBB, and class M, from CCC to C. In addition, Fitch downgraded the following classes: series 1997-4, class A-4, from AA to A-minus, and class M, from B-minus to C; series 1998-1, class A-3, from AA to AA-minus; series 1998-2, class A-4, from AA-minus to BB, and class M-1, from BB-minus to B; and series 1998-3, class A-1, from A-plus to BB, and class M-1, from BB-minus to B. Fitch also affirmed the ratings on nine classes of UCFC deals. The downgrades were prompted by the poor performance of the collateral, Fitch said. The rating agency noted that UCFC filed for Chapter 11 bankruptcy protection in 2000, and its manufactured housing portfolio, servicing rights, and residual interests were acquired by EMC, a subsidiary of Bear Stearns Cos. Fitch can be found online at http://www.fitchratings.com.