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| Among the few mortgage servicers to see upgrades recently is a company that is operating under government control.Fitch Ratings said today that it upgraded the residential servicer rating of IndyMac Federal Bank, FSB, to RPS2 from RPS3 for Alt-A, subprime and prime product. The Pasadena, Calif.-based company’s special servicer rating was also upgraded to RPS2 from RPS3.
Servicers are rated on a scale of one to five, with one being the strongest. Fitch further delineates the rating with a plus or minus sign. The actions follow an operational review of IndyMac last month. “Although IndyMac Federal Bank, FSB, experienced some operational challenges and disruptions during the past year, they continue to be a capable servicer with the demonstrated ability to adequately manage their residential mortgage portfolio,” the statement said. “The company has the infrastructure and technology to support its current servicing portfolio.” Fitch also cited the financial strength of the Federal Deposit Insurance Corporation, which was appointed as conservator of the institution by the Office of Thrift Supervision when IndyMac collapsed on July 11, 2008. IndyMac’s servicing portfolio stood at 724,805 loans for nearly $179 billion as of Sept. 30, 2008. Just over 40 percent of the portfolio was agency, while just under 40 percent was Alt-A, 15 percent was home-equity and 3 percent was subprime. |
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