Fitch Ratings said yesterday that it has assigned Wachovia Bank, N.A. its ‘RPS2’ residential primary servicer rating for home equity and prime products. According to a statement released by Fitch, the agency’s rating action was based on the company’s experienced and tenured management team, effective performing loan management procedures, and its extensive training programs. The rating also reflected the financial strength of Wachovia Corporation, whose long-term debt is rated ‘AA-‘ by Fitch.
Wachovia has serviced HE/HELOC and prime loans for more than 20 years, and has a history of balanced growth as demonstrated by the 55 percent increase in its portfolio between 2003 and 2006. The company has a multi-tiered servicing strategy that includes product innovation, cross-sell efforts and direct mail solicitations. In addition, Wachovia plans increased securitization efforts during 2007, Fitch said. As of Oct. 31, 2006, Wachovia serviced 966,042 loans totaling $57.4 billion, of which approximately $27.7 billion were HE/HELOC loans. Wachovia is a diversified banking and financial services company headquartered in Charlotte, NC, and has a strong retail banking presence through offices in 21 states, primarily on the East coast. The company’s Retail Credit Group provides originations and servicing functions for Wachovia’s consumer credit products including home equity loans and home equity lines of credit (HE/HELOC). For more information, visit http://www.fitchratings.com.