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Countrywide Servicer Status Shines

Fitch upgrades master servicing to RMS1

August 8, 2006

By MortgageDaily.com staff

Countrywide Home Loans' servicer ratings improved.

Fitch Ratings announced it upgraded the master servicer rating to RMS1- from RMS2+ due to the lender's "proven ability to oversee the servicing activities of its primary and special servicers, enhancements to its proprietary master servicing system and expanded servicing capabilities," as well as its financial strength.

Fitch also affirmed Countrywide's RPS1 residential primary servicer ratings for prime, Alt-A, subprime, and home equity loan and line of credit products, and its RSS1 special servicer rating that is based on ability to effectively manage and liquidate non-performing residential mortgage loans and real estate owned assets.

Fitch noted that, over the past year, Countrywide enhanced its technology platform with the implementation of an internal disaster recovery solution between its main data center in Simi Valley, Calif., and alternate sites in Texas; further developed its proprietary master servicing system to include new product type; and implemented call and screen recording software in its customer service department for monitoring and training purposes.

Countrywide, which has six servicing facilities in California, Texas, Arizona and two in India, had a servicing portfolio of over 7.5 million loans totaling over $1.13 trillion as of Feb. 28, 2006. The primary servicing portfolio included $785 billion in prime, $44 billion Alt-A, $121 billion subprime, and $47 billion of HELOC loans. The master servicing portfolio consisted of over $11.9 billion in loans and the special servicing portfolio more than $2.1 billion, according to the announcement.

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