Fitch Ratings said today that it has raised the servicer rating for Branch Banking and Trust Company’s (BB&T) residential mortgage primary servicing operation to ‘RPS3+’ from its previous rating as ‘RPS3.’ From the press statement:
Through slow steady growth the portfolio has grown and as of June 30, 2007, BB&T’s mortgage servicing center serviced a portfolio of 337,100 loans totaling more then $46.8 billion including 325,900 prime loans totaling $43.2 billion and 11,200 Alt A loans totaling $3.6 billion. Since Fitch’s last review BB&T bolstered its training program by expanding the hours of training to both new and seasoned staff. In loan set-up the audit process was expanded and the document release process was streamlined. The current business plans are sound and based upon past performance and experience. The company expects to originate and hold $12 billion of its loan production. However, market conditions may cause stiff competition for these loans as more entities vie for fewer loans.
For more information, visit http://www.fitchratings.com.