An Arkansas-based servicer saw its rating raised.
Fitch Ratings announced Friday it upgraded Central Mortgage Co.'s residential primary servicer rating for prime mortgages to RPS2- from RPS3+. The servicer was also assigned an RPS3+ rating for Alt-A product.
Fitch rates servicers on a scale of one to five, with one being the best rating. Ratings are further differentiated by a plus or minus sign.
The Little Rock-based company's seasoned management team, tightened internal procedures and controls and focused technology platform were cited as the basis for the upgrade.
"Since Fitch's last review, CMC developed daily 'dashboard' reports summarizing key operational metrics, implemented 100% recording of all inbound and outbound calls for quality assurance purposes and strengthened its training program," the statement said. "In addition, the loan payment group adopted a 'same day processing' standard, the loan set up group reduced transfers to 48 hours, the Web site was expanded to process online payments and payment functionality was added to the integrated voice response system."
Central was acquired by Arvest Bank Group Inc. in 2000 and merged with Arvest Mortgage Co., Fitch said. The company acquires servicing on an ongoing basis and currently services 111,742 loans totaling $21.4 billion.
Moody's Investors Service bumped Central's servicer rating last year, citing its above-average collection abilities, improvements to its quality indicator program and management's focus on collection performance.
"CMC has a solid servicing platform with the capacity, systems, and staff necessary to support its current and forecasted portfolio," the ratings agency concluded.