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Fitch Issues Originator/Issuer Review on GreenPoint Mortgage Funding.
Business Editors
NEW YORK--(BUSINESS WIRE)--Jan. 30, 2004
As part of its originator/issuer operational review program, Fitch Ratings has issued a report on the prime, Alt-A, and HE/HELOC originator/issuer operations of GreenPoint Mortgage Funding, Inc (GPM) on Jan. 30, 2004, available on the Fitch Ratings web site at 'www.fitchratings.com'. Fitch's review confirmed that GPM has a diversified wholesale broker network, a well established appraisal review process, the ability to quickly roll out new products to the market, and benefits from the financial strength of its parent companies.
Headquartered in Novato, CA, GPM is a wholly-owned subsidiary of GreenPoint Bank, which is in turn a wholly owned subsidiary of GreenPoint Financial Corp. (GPT). Fitch rates GPT's senior debt 'BBB'. Since 1995, GPM has generated a significant portion of its total production through its broad and diversified wholesale broker network. GPM, with production of approximately $39 billion in 2003, originated 80% of its production through its wholesale channel, 4% through retail, and 16% through correspondent.
GPM's management views the company's practice of generating a significant portion of its production through credit and pricing exceptions to be in alignment with its core business strategy. GPM expects to expand its niche product offerings and has focused on ...
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