Items Tagged with 'New Century Mortgage Corporation'

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  • Carrington's Subprime Servicer Rating Affirmed by Fitch

    Fitch Ratings said Tuesday that it has affirmed the primary subprime servicer rating of Carrington Mortgage Services, LLC at the 'RPS4' level -- Fitch generally rates servicers on a 1 to 5 scale, with 5 being the worst. CMS is a subsidiary of hedge fund Carrington Capital Management, LLC -- which, you might recall, purchased the servicing portfolio from now-defunct New Century Mortgage Corporation post-bankruptcy (and most of the company's line staff are carryovers from New Century).
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  • New Century Sees Servicer Ratings Drop in Wake of Restatement

    Fitch Ratings said late Wednesday that it had downgraded New Century Mortgage Corporation's residential primary servicer rating for subprime product to RPS-four from RPS-three-plus, and placed the rating on Watch Negative. Fitch said its rating action reflected uncertainties over New Century's ability to maintain adequate funding and remain viable over the near term.
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  • New Century Completes Purchase of Irwin Financial's Servicing Platform

    New Century Financial Corporation said today that its wholly-owned subsidiary, New Century Mortgage Corporation, has completed the purchase of certain assets and assumption of certain lease obligations related to the mortgage servicing operations of Irwin Mortgage Corporation, located in Fishers, Indiana. The company has not specified if it will be consolidating operations and laying off staff as part of the purchase.
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  • New Century's Servicer Ratings Affirmed

    Moody's Investors Service announced that it has affirmed New Century Mortgage Corporation's rating of SQ3+ as a primary servicer of subprime residential mortgage loans. In a statement, the rating agency noted the New Century displayed average collection abilities, average loss mitigation results, above average foreclosure and real estate owned (REO) timeline management and average servicing stability.
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