Upgrade for Subprime Servicer

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MORTGAGE EXPERT
8 · 16 · 11

Recent acquisitions haven’t hurt the servicer rating of Walter Mortgage Co.

Fitch Ratings Tuesday upgraded the Tampa, Fla.-based firm’s primary servicer rating for subprime mortgages to RPS3 from RPS3-.

Recent acquisitions and related strategic opportunities were among Fitch’s list of reasons that it raised the rating.

The New York-based ratings agency also credited effective default capabilities, a seasoned senior management team and an improved financial condition.

Walter’s primary servicing portfolio stood at around 34,700 residential loans for $1.8 billion as of March 31.

“The ratings also reflect Fitch’s overall concerns for the U.S. residential servicing industry which include the ability to maintain high performance standards while addressing the rising cost of servicing and changes to industry practices, which are likely to be mandated by regulators and other parties,” the statement said.

Walter’s servicing operations include Marix Servicing, which it acquired from Marathon Asset Management LP in November 2010.

The business also includes Green Tree, which was acquired in July.

Mortgage Expert

Mortgage Daily Staff

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