The servicing of thousands of active home-equity lines of credit that are securitized is being transferred from Ditech Financial LLC next month.
In all, the Fort Washington, Pennsylvania-based firm is transferring servicing on 3,020 HELOCs that are part of three residential mortgage-backed securities.
Those trio of RMBS were issued by
RFMSII Home Equity Loan Trust. They include series 2006-HSA4, 2006-HSA5 and 2007-HSA1.
Ditech, a subsidiary of Walter Investment Management Corp., expects to transfer of servicing to take place on July 17.
Taking over the servicing is
Specialized Loan Servicing LLC.
In addition, MBIA is replacing Ditech as master servicer with Specialized Loan Servicing.
Moody’s Investors Service, which reported the servicing transfer on Tuesday, said that its current ratings on the RMBS won’t be reduced or withdrawn because of the transfer.
“Moody’s view is based primarily on its opinion that the ratings of each of the securities in the transaction will not have material negative implication following changes in servicing strategy that can occur after a transfer of servicing,” the news release said.
