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Fitch Ratings has upgraded the residential primary servicer rating for CitiMortgage to 'RPS1' from 'RPS1-minus,' moving the Citigroup subsidiary into the highest category for residential servicer ratings.
The rating is based on CitiMortgage's experienced management team, solid collateral performance, state-of-the-art risk management tools, comprehensive training programs and the financial strength of its parent company, Fitch said. Citigroup is rated 'AA-plus' by Fitch.
CitiMortgage is headquartered in Saint Louis and is one of the 10 largest home loan servicers in the nation. It has servicing platforms in Saint Louis; Farmington Hills, Mich.; Frederick, Md.; and Great Falls, Mont.
As of Sept. 30, 2002, the servicing portfolio consisted of about 795,000 prime mortgage loans with a principal balance of $111 billion, including 56% Fannie Mae or ...
Source: HighBeam Research, CitiMortgage Gets Top Fitch Rating.(Brief Article)