Fitch Ratings has raised its residential servicer ratings on American Home Mortgage by one notch, reflecting the company's post-bankruptcy restructuring under new ownership.Fitch raised the company's ratings as a primary servicer of prime loans, alternative-A loans, and home equity loans and lines of credit from RPS4 to RPS3-minus. Fitch also removed American Home Mortgage Servicing from Rating Watch Negative. American Home filed for bankruptcy protection in August of this year. WL Ross & Co., a firm that specializes in turning around distressed companies, acquired the servicing unit in November. As of Oct. 31, American Home Mortgage Servicing managed a portfolio totaling $48 billion of home loans. Fitch rates servicers on a scale of one to five, with one being the highest rating.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.
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