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Nonprime and Subprime News | Subprime Statistics
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hard money lending. Home-equity loans and home-equity lines of credit.

CitiFinancial Servicer Rating Upgraded

Fitch action based on successful integration

January 3, 2005

By MortgageDaily.com staff

Improvements during the past two years at CitiFinancial Mortgage Co. have resulted in upgraded subprime servicer ratings.

Fitch Ratings announced it raised CitiFinancial's primary residential servicer rating on subprime products to 'RPS2+' from 'RPS2'.

Fitch says it rates primary, master and special residential mortgage servicers on a scale of 1 to 5 (with 1 being the highest rating) and further differentiates them with the plus, minus, and the flat rating.

CitiFinancial's raised servicer rating was based on its experienced management team, reliable loan administration processes and controls, effective default management strategies and continued success in managing and resolving delinquent loans, Fitch said.

The Irving, Texas-based lender's rating also reflects the financial strength of its parent company, Citigroup, which is rated 'AA+' by Fitch, according to the announcement.

CitiFinancial, a provider of home equity loans and first lien mortgages, has over 1,500 employees and annual volume of over $10 billion. As of June 30, it serviced an excess of 293,000 loans for its $22 billion portfolio, comprised almost entirely of subprime product, Fitch reported.

The New York-based ratings agency said Citigroup's organizational integration efforts have contributed to CitiFinancial's improved technology, policies and procedures, and corporate controls over the past two years, which have positioned the subsidiary to effectively manage its growing portfolio while maintaining performance.

Mortgage Backed Securities | MBS News | MBS Statistics
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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.

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