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CitiMortgage Servicer Rating Raised

Moody's upgrades to SQ1

May 9, 2005

By MortgageDaily.com staff

Analysts improved their opinion of CitiMortgage Inc.'s ability to service.

Moody's Investors Service announced it upgraded the Citigroup Inc. subsidiary to a rating of SQ1 as a Primary Servicer of prime residential mortgages. The ratings, which relate specifically to prime first lien home loans, are based on above average collection abilities, strong loss mitigation results, above average foreclosure and REO timeline management, and strong servicing stability.

As of Oct. 31, 2004, CitiMortgage's servicing portfolio consisted of approximately 2,530,710 loans totaling $359 billion, Moody's said. The subsidiary's four servicing operations are located in Missouri, Maryland, Iowa and Montana.

Moody's says its SQ ratings, which range from SQ1 (strong) to SQ5 (weak), represent its view of a servicer's ability to prevent or mitigate mortgage pool losses across changing markets. Every rating incorporates an assessment of all the critical indicators of a servicer's ability to get maximum returns from mortgage portfolios -- delinquency transition rates, foreclosure timeline management, loan cure rates, recoveries, loan resolution outcomes, and REO management.

The ratings also consider the company's ability to maintain high quality servicing in an economic downturn, the announcement said.

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