Standard & Poor’s Ratings Services assigned its above average ranking to Wells Fargo Home Mortgage (WFHM) as a residential mortgage loan subprime service.
The previous outlook on the subprime ranking was negative, due to the review of the company’s internal audit reports.
“We assigned our above average subrankings for management and organization and loan administration, respectively. In accordance with our criteria, we consider WFHM’s financial position to be sufficient,” said analysts Todd Niemy and Steven Frie of S&P’s.
On Nov. 14, S&P withdrew their ranking of the company at their request.
“Since we withdrew the ranking, WFHM indicated to us that there have been no significant changes to the servicing operation,” the analysts stated.
WFHM services all of its first-lien loans (prime and subprime) on the same platform with substantially the same processes.
