Fitch Ratings upgraded several of Green Tree Servicing's residential mortgage servicer ratings this week, citing the company’s high-touch servicing model, experienced management team and technology improvements.
Green Tree, which as of February held 1.3 million loans in its servicing portfolio valued at $117.9 billion, also benefited after Fitch commended the firm for its seamless integration of new loans after a recent portfolio expansion.
Specifically, Fitch upgraded the firm’s U.S. residential primary servicer rating for prime product to RPS2+ and outlook stable. The U.S. residential primary servicer rating, along with the servicer rating for high LTV loans and home equity product lines grew to RPS2+ from RPS2 as well.
The primary servicer rating for second-lien products rose to the same level and all of its servicer ratings are currently classified as outlook stable.
Green Tree was acquired by Walter Investment Management Corp. in July 2011. And in February of this year, Walter acquired more servicing rights from the bankruptcy estate of Residential Capital and GMAC Mortgage.
GreenTree also purchased the servicing platform of MetLife Bank in March 2013.
Fitch concluded, "The ratings also reflect Green Tree's continuing improvements to internal processes reflecting the evolving regulatory environment. These include outsourcing of the internal audit function, significantly increased monthly quality assurance reviews that take a more in-depth operational focus, and continued build-out of the of the vendor management function."