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Fairbanks Ready to Grow Loan Portfolio.(Fairbanks Capital Corp.)
On the long, painful road to recovery, Fairbanks Capital Corp., Salt Lake City, has just passed some big milestones, and the company is now ready to halt the runoff that has shrunk its portfolio over the past year.
The company received upgrades of its servicer rating from Standarnd & Poor's and Moody's recently, both of which had slashed Fairbanks ratings after publicity and lawsuits drew attention to allegedly abusive servicing practices. In addition, Fitch Ratings removed Fairbanks from ratings watch "negative" status and affirmed its ratings in March.
And in May, Fairbanks' new executive leaders came to New York to update industry participants on their turnaround plan and announce that the company is ready to once again start adding new loans to its portfolio.
While Fairbanks has seen its portfolio suffer attrition since the controversy began, the company remains the nation's largest servicer of subprime loans with about $30 billion under management. The company was once servicing nearly $50 billion.
The company plans to hold the portfolio size roughly steady this year and grow by about 10% next year.
Since last June, the company's investors have injected $75 million into Fairbanks, including funds to pay fines and settle claims, that demonstrate a commitment to revitalizing the firm, Fairbanks president Matt Hollingsworth said.
He said Fairbanks has identified 34 "attack items" and is focused on building the most compliant-oriented subprime servicer in the business.
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Source: HighBeam Research, Fairbanks Ready to Grow Loan Portfolio.(Fairbanks Capital Corp.)