Fitch Assigns CIT 'RPS3' Subprime Servicer Rating
Fitch Ratings said on Wednesday that it has assigned CIT a primary servicer rating for subprime product of 'RPS3'; the agency maintains ratings on a scale of 1 to 5, with 1 being the highest rating. CIT operates its servicing platform for mortgage loan and other certain consumer portfolios from Marlton, NJ and Oklahoma City, OK. The Oklahoma City servicing center employs approximately 240 full time equivalents, 143 of which are dedicated to residential loan servicing. The Oklahoma City location manages all loan administration and default management functions with the exception of customer service and documentation services which are handled by 43 FTE in the company's Marlton location. As of September 30, 2007, the company serviced 93,309 loans with an unpaid principal balance of over $11.8 billion. Mortgage loan products include 87.4% subprime, 6% home equity line of credit (HELOC), and 6.6% manufactured housing, of which 9.2% of the portfolio is serviced for residential mortgage backed securities (RMBS), as measured by loan units. In July, 2007, CIT announced that the company made the strategic decision to exit its mortgage lending unit. However management indicates that it plans to maintain its servicing facilities and staff in support of liquidating its portfolio over time. For more information, visit http://www.fitchratings.com.