Fitch Upgrades Taylor, Bean & Whitaker's Servicer Ratings
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.