Servicing/Default
Fitch Upgrades Taylor, Bean & Whitaker’s Servicer Ratings
By PAUL JACKSON
August 29, 2008 12:31 PM CST
Fitch Ratings said Friday that it had upgraded privately-held Taylor Bean & Whitaker Mortgage Corp.’s U.S. residential servicer ratings; the company’s primary ratings to both prime and Alt-A loan products were raised to ‘RPS3+’ from ‘RPS3.’
Fitch rates servicers on a sliding scale between 1 and 5, with 1 being the highest rating.
The rating agency cited TBW’s technology and training programs, as well as a dramatically reduced employee turnover level: the company has reduced its turnover rate to 13 percent from 26 percent in 2007.
Headquartered in Ocala, Florida, TBW specializes in the origination and servicing of prime and Alt-A residential mortgage loans. Established in 1982 and privately acquired in 1991, the company is a full-service mortgage banking firm serving community banks and brokers.
At the end of last year, TBW serviced more than 359,587 loans totaling $59.9 billion. The company has been servicing residential mortgage-backed securities for more than two years and its current RMBS portfolio totals more than $3.6 billion; the Alt-A servicing portfolio totaled $4.8 billion.
For more information, visit http://www.fitchratings.com.
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2009 Jul 09 -- 2009 Jul 10
USFN Legal Issues in Mortgage Servicing Seminar
Geared towards in-house counsel, designed to discuss current legal issues in the mortgage servicing industry and real estate finance. Closed event in Chicago, Ill.; for more information, visit www.usfn.org.
2009 Oct 04 -- 2009 Oct 05
IMN's 15th Annual ABS East
Hosted at the Foutainebleau Resort Miami Beach in Miami, FL, the theme of this year's event is "Navigating a Path to Recovery" and alludes to decisive actions by the government and industry leaders to set a course that will hopefully lead to a revived and robust US securitization market. For more information, visit www.img.org.
2009 Oct 20 -- 2009 Oct 21
RMBS: Assessing Value and Risk
This two-day course in Washington, DC will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.
