Bank of America's residential primary servicer rating for home equity-related products has been upgraded from RPS1-minus to RPS1 by Fitch Ratings.The rating agency also affirmed at RPS1 BoA's residential primary servicer ratings for prime and alternative-A products. (Fitch rates residential servicers on a scale of 1 to 5, with 1 being the highest rating.) Fitch attributed the upgrade to "process improvements" in investor accounting, bankruptcy, and payoffs, and the completion of BoA's acquisition of the reverse mortgage business of the Seattle Mortgage Co. The rating agency also cited advancements in cash management and customer service.
Processing Content
