Fitch Ratings has assigned CitiMortgage Inc., St. Louis, a residential primary servicer rating of RPS1 for alternative-A product.In addition, Fitch affirmed CitiMortgage's RPS1 rating for residential primary servicing and its RMS1-minus rating for residential master servicing. The primary servicer ratings are based on the company's "seasoned and tenured management team, superior technology platform, strong default management experience, and tightened risk management policies and procedures," Fitch said. The master servicer rating is based on CitiMortgage's "continued effective performance in managing its $8.8 billion master servicing portfolio as well as the numerous efficiencies and enhanced reporting capabilities completed over the last year," the rating agency said. The ratings also reflect the financial strength of CitiMortgage's parent, Citigroup, which is rated AA-plus by Fitch.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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