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Several Second-Lien Servicers Get Ratings.
NEW YORK -- Several servicers of second lien loans and home equity lines have recently received new ratings or ratings upgrades. Among those upgraded is Select Portfolio Servicing, which was upgraded by Fitch Ratings.
Fitch raised SPS' residential primary servicer rating to 'RSS2' from 'RSS2-minus' for the management of subprime, alt-A, home equity loans and home equity lines of credit. The company's special servicer rating also was raised one notch to 'RSS2.'
Fitch said the upgrades are based on SPS' ability to "service, collect and liquidate" the loan products affected as well as the company's experienced management team, solid training, effective technology usage and capable loan administration procedures and controls. The ratings also reflect the "solid financial strength" of parent company Credit Suisse. Credit Suisse completed its acquisition of Select Portfolio Servicing, which was formerly known as Fairbanks Capital, in late 2005.
SPS is headquartered in Salt Lake City with an additional servicing site in Jacksonville, Fla. Credit Suisse is integrating SPS into its residential mortgage-backed securities business. As such, SPS is adding wholesale and correspondent fulfillment operations, master servicing to support Credit Suisse's whole loan operations, and interim servicing to provide an option for servicing immediately after loans close. SPS plans to continue offering servicing for third parties. At the end of 2005, SPS' servicing portfolio consisted of approximately 236,500 loans totaling $23.8 billion.
Over the past 18 months, Fitch said SPS has enhanced its platform by internalizing its lockbox operation, ...
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