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Ameriquest Servicer Rating Improved

Moody's rates at SQ2

June 14, 2006

By MortgageDaily.com staff

The servicing arm of Ameriquest Mortgage is improving its operations.

The Servicer Quality rating for AMC Mortgage Services as a primary servicer of subprime mortgages was raised to SQ2+, according to an announcement today from Moody's Investors Service.

Moody's said it rates servicers' ability to prevent or mitigate losses "across changing markets." Ratings range from a strong SQ1 to a weak SQ5.

The ratings action for Orange, Calif.-based AMC, the mortgage servicing subsidiary of ACC Capital Holdings, was based on strong collection and strong foreclosure and REO timeline management, Moody's said -- noting loss mitigation abilities were above average and servicer stability was average.

AMC's servicing portfolio of primarily subprime first liens was more than $76 billion as of March 31, 2006, the statement said.

"Of the loans which began the 12-month static pool as current, 10% rolled to a worse stage of delinquency," Moody's said. "Approximately 41% of the loans that began the static pool period as more than 90 days delinquent, ended the period as either cured or in a cash flowing status."

Ameriquest, which recently adopted a new business model for its retail business that shifted branch operations to regional centers, realigned AMC's "Moody's noted, "Over the course of the year, AMC has realigned call center structure, segregating customer service and collections into separate departments," Moody's reported.

"The company has also created a separate group to concentrate on management of loans that it views as higher risk."

AMC has begun modifying delinquent loans, though Moody's noted few mortgages have been modified so far due to stringent policies.

"Lastly, REO was liquidated in an average of 141 days, excluding redemption," the announcement read. "This is one of the shortest REO liquidation periods that Moody's has observed."

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