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American Home Servicer Ratings Upgraded

Fitch upgrades prime, Alt-A and subprime servicer ratings

December 22, 2008

By MortgageDaily.com staff


American Home Mortgage Servicing Inc. saw its servicer ratings upgraded.

Fitch Ratings improved American Home's residential primary servicer rating for prime, Alt-A and home-equity line-of-credit loans to RPS3+ from RPS3-, an announcement Friday said.

Fitch rates servicers on a scale of one to five, with one being the strongest.

In addition, the WL Ross LLC-subsidiary's special servicer rating was upgraded to RSS3+ from RSS3.

American Home's experienced management team, proficient technology platform and focused training programs were cited by Fitch for its actions.

"The ratings also reflect American Home Mortgage Servicing Inc.'s established loan administration processes and effective default management practices," Fitch stated.

The Irving, Texas-based company, which was acquired out of bankruptcy last year by Wilbur L. Ross Jr., currently services 433,000 loans for nearly $91 billion as of June 30. The firm's special servicing portfolio included 4,482 assets with a unpaid principal balances of nearly $0.8 billion.

In addition to Irvine, Calif., and Jackson, Fla., American Home operates a servicing site in Pune, India.

Fitch said the servicer has effectively completed the integration of the portfolio, staff and systems of Option One Mortgage Servicing -- which was acquired earlier this year.

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