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Servicer Rating Raised at Central Mortgage

Mortgage News

Recent improvements to its operations led to improved servicer ratings at Central Mortgage Co.

The primary servicer rating for Alt-A mortgages was raised at Central Mortgage to RPS2+ from RPS2.

In addition, the special servicer rating of the Little Rock, Ark.-based company was improved to RSS2+ from RSS2.

The upgrades were made by Fitch Ratings.

In its statement, the ratings agency highlighted Central Mortgage’s strong control environment, financial support from parent Arvest Bank Group Inc. and experienced management team.

The firm serviced more than 160,000 loans for $30.6 billion as of June 30. Included in the servicing portfolio were 11,000 prime mortgages for $3.5 billion and 11,000 Alt-A loans for $2.8 billion.

Another 25,000 mortgages for $5.3 billion were sub-serviced.

There were 100 loans per full-time employee in the loss mitigation department.

Since Fitch previously reviewed the company’s operations, more information about loan modifications has been added to its Web site. In addition, a new skip-tracing toll has been implemented, a third-party outsourcer has been replaced and a new in-house loan payment system was implemented. Central Mortgage also cut down on broken plans by improving its processes for monitoring repayment plans.

“Fitch believes that CMC continues to maintain a capable servicing operation with the staff, procedures, controls, default management processes, and technology to manage its current servicing portfolio,” the statement said.

Central Mortgage was recognized earlier this month as one of Fannie Mae’s best-performing servicers.

Fitch additionally affirmed the primary servicer rating for prime product.

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