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/
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.

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.


Citi Servicer Ratings Upgraded

Fitch upgrades CitiFinancial, CitiMortgage

December 15, 2005

By MortgageDaily.com staff


Citigroup's conforming unit and subprime subsidiary are doing a better job servicing loans.

Fitch Ratings said Tuesday it upgraded the residential primary servicer ratings of CitiFinancial Mortgage Co.'s subprime product to 'RPS1-' from 'RPS2+' and the residential master servicer rating of prime-lending unit CitiMortgage Inc. to 'RMS1' from 'RMS1-'.

Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating, and further differentiates each level with plus, minus or flat rating.

While all of the ratings reflect the strong financial condition of parent Citigroup, which is rated 'AA+', the ratings agency attributed CitiFinancial's upgrade specifically to the unit's "experienced management team, comprehensive loan administration processes and controls, strong emphasis on customer satisfaction, effective default management strategies and continued success in managing and resolving delinquent loans."

The Irving, Texas-based lender has annual volume of over $16 billion, approximately 1,557 servicing employees, and as of June 30, 2005, serviced $24 billion portfolio in excess of 271,000 loans, almost entirely subprime, according to the announcement.

Fitch noted CitiFinancial places strong focus in improving customer interactions and incorporates a Gallup survey into its customer satisfaction dashboard, which management uses to monitor trends on a monthly basis.

"The improvements that [CitiFinancial] continues to make to technology, policies and procedures, and corporate controls have positioned [it] to effectively manage its growing portfolio while maintaining performance," the ratings agency reported.

CitiMortgage's master servicer rating upgrade was "based on Citi's accomplished master servicing experience, strong portfolio management, and tightened procedures and controls," as well as the "company's proven ability to oversee the servicing activities of its primary and special servicers," Fitch said.

As of July 31, 2005, CitiMortgage master serviced over 95,000 loans totaling over $15.6 billion, which grew 78% since Fitch's last review, the announcement said. Over the last year, the lender has "successfully integrated" Principal Residential Mortgage Inc.'s $115 billion servicing portfolio, $10 billion in servicing from Hibernia National Bank, and a $200 million portfolio from The First American Bank of Texas.

Fitch commended CitiMortgage for enhanced customer service practices, technology platform upgrades, the reinforcement of robust training and leadership development programs, among other things. The company has also bolstered the servicing platform through process improvements and accommodated the training and staffing needs for its increased portfolio by continuing to expand in-house training programs, Fitch indicated.


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.


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.



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