Fitch Ratings has upgraded GMAC Mortgage LLC's special servicer rating from RSS1-minus to RSS1 and removed it from Rating Watch Evolving.The rating agency also assigned the company an RPS1 residential primary subservicer rating. In addition, Fitch affirmed and removed from Rating Watch Evolving the company's RPS1 residential primary servicer ratings for prime, alternative-A, subprime, high loan-to-value, and home equity/home equity line of credit loan products. "The primary, special, and subservicer ratings are based on the company's solid loan administration practices, experienced management team, comprehensive internal controls, robust technology platform, effective management and liquidation of delinquent and nonperforming residential mortgage loans and real-estate-owned assets, and demonstrated ability to provide effective subservicing for third-party portfolios," Fitch said. Fitch rates residential servicers on a scale of 1 to 5, with 1 being the highest rating. The rating agency can be found online at http://www.fitchratings.com.
-
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
8h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
9h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16