SunTrust Bank Inc.’s servicing subsidiary saw its servicer rating raised.
The residential primary servicer rating for prime mortgages was upgraded to RPS2+ from RPS2 at SunTrust Mortgage Inc. by Fitch Ratings today. Ratings range from a high of RPS1+ to a low of RPS5-.
Fitch highlighted the Richmond, Va.-based company’s experienced and tenured management team — though the servicing manager job is open. Also cited were effective systems processes and procedures and the financial strength of its Atlanta-based parent.
SunTrust serviced 996,366 home loans for $166 billion as of March 31.
It was created out of the 1998 merger with Crestar Bank.
“The servicer has continued to upgrade its default management departments through enhanced technology and implementation of new processes and procedures to aid its portfolio performance and improve customer contact,” Fitch said. “The servicer also implemented increased training for new recruits in loss mitigation and has developed stronger ongoing on-the-job training.
“However, the number of hours for training existing staff remains less than expected by Fitch.”
