twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


BoA Servicer Ratings Downgraded

Moody's cuts ratings over concerns about servicing metrics

May 4, 2011

By MortgageDaily.com staff


Challenges from its acquisition of Countrywide Financial Corp. three years ago have home-loan servicing metrics deteriorating at Bank of America Corp. -- resulting in downgrades on its prime and nonprime servicer ratings. Ongoing concerns about the company's foreclosure process could lead the ratings to be lowered again.

The action came Tuesday from Moody's Investors Service.

According to the New York-based ratings agency, the primary servicer rating for prime residential loans was cut to SQ2 from SQ1. The best possible rating is SQ1+, while Moody's lowest rating is SQ5-.

In addition, the primary servicer ratings for second-liens and subprime loans, as well as the residential special servicer rating, were all lowered to SQ2 from SQ1-.

The downgrades impacted BAC Home Loans Servicing, LP and Bank of
America, N.A. -- the two entities that conduct servicing for the organization.

"The downgrade was mainly
due to the deterioration of the company's collections and loss mitigation metrics," Moody's explained. "The company's assessment for servicing stability also was lowered to above average from strong which reflects the challenges Bank of America continues to face with the integration of Countrywide Home Loans."

BofA acquired Countrywide in July 2008.

Moody's said that between the two servicing entities, the mortgage servicing portfolio was 13,308,802 loans for $2.05 trillion as of Sept. 30, 2010.

More recently, BofA reported a third-party servicing portfolio of $2.03 trillion as of March 31.

Moody's said that all of the downgraded ratings, except the second lien rating, are still on review for further downgrades "due to
irregularities in Bank of America's foreclosure process."

Bank of America profile

next story

back to current headlines


Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.




Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders