SPS (Fairbanks) Servicer Ratings Hiked

Fitch Ratings has upgraded the residential primary servicer ratings of Select Portfolio Servicing Inc. (formerly Fairbanks Capital Corp.), Salt Lake City.The servicer ratings were upgraded as follows: for alternative-A loans, from RPS3 to RPS2-minus; for subprime and home equity loans, from RPS3-minus to RPS2-minus; and for special servicing, from RSS3 to RSS2-minus. The upgrades "reflect sustained improvements based on process and procedural changes initiated by SPS to correct deficiencies noted during Fitch's prior reviews in addition to those detailed in the November 2003 settlement with the Federal Trade Commission and the Department of Housing and Urban Development," Fitch said. Among the changes cited by Fitch are the restructuring of the senior management team; systems upgrades; compliance training; increased frequency and scope of internal audits; and the development of a consumer assurance review department, which reviews each loan prior to foreclosure referral.