Mortgage Daily

Published On: February 12, 2009
IndyMac Servicer Ratings UpgradedFitch upgrades to RPS2

February 12, 2009

By MortgageDaily.com staff

 

Among the few mortgage servicers to see upgrades recently is a company that is operating under government control.Fitch Ratings said today that it upgraded the residential servicer rating of IndyMac Federal Bank, FSB, to RPS2 from RPS3 for Alt-A, subprime and prime product. The Pasadena, Calif.-based company’s special servicer rating was also upgraded to RPS2 from RPS3.

Servicers are rated on a scale of one to five, with one being the strongest. Fitch further delineates the rating with a plus or minus sign.

The actions follow an operational review of IndyMac last month.

“Although IndyMac Federal Bank, FSB, experienced some operational challenges and disruptions during the past year, they continue to be a capable servicer with the demonstrated ability to adequately manage their residential mortgage portfolio,” the statement said. “The company has the infrastructure and technology to support its current servicing portfolio.”

Fitch also cited the financial strength of the Federal Deposit Insurance Corporation, which was appointed as conservator of the institution by the Office of Thrift Supervision when IndyMac collapsed on July 11, 2008.

IndyMac’s servicing portfolio stood at 724,805 loans for nearly $179 billion as of Sept. 30, 2008. Just over 40 percent of the portfolio was agency, while just under 40 percent was Alt-A, 15 percent was home-equity and 3 percent was subprime.


IndyMac profile
next story

back to current headlines
 

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN