MINNEAPOLIS, April 17 /PRNewswire/ -- -Homecomings Financial, a GMAC
company, today announced it has been awarded the top servicer designation from
international rating agency Fitch IBCA (Fitch). The top ratings reflect the
company's successful efforts to build strong servicing capabilities in support
of its diverse product lines.
(Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
"Our clients and investors benefit from having the support of a top
servicer," said Chris Gilson, managing director, residential servicing for
Homecomings Financial. "This designation shows that we have the management,
technology, experience and results agencies are looking for. It means that
our clients and investors can rest assured that an independent rating agency
has favorably evaluated our servicing capabilities."
After conducting a comprehensive evaluation of Homecomings Financial's
loan servicing capabilities, Fitch independently approved the company as a
special servicer based on a number of factors. These factors included the
experience and depth of Homecomings Financial's management team, its
commitment to training, the deployment of proprietary technology and
analytical tools within its loan-resolution process, and the strong capital
base of its parent, GMAC.
Fitch assigned Homecomings Financial its highest rating for loan servicing
(RPS1) for prime and Alt A products, its RPS2 primary servicer rating for
subprime products (the highest rating Fitch currently gives for subprime), and
its RSS2 special servicer rating for home equity and high loan-to-value (HLTV)
products. Homecomings' Gilson stressed the significance of the designations,
which are considered by investors to be a critical measure of a servicer's
expertise in managing assets, improving loan resolution rates and reducing
overall loss severity.
The designation is especially significant for Homecomings Financial's Blue
Bell, Pa. operation, which is not a subprime primary servicer but is
responsible for home equity and HLTV asset management. "We achieved the
highest rating possible," said John Imbriale, managing director, Homecomings
Financial. "We believe we are unique with this designation for the product
types managed."
Homecomings Financial, the home loan origination and servicing arm of GMAC
Residential Funding Corporation (GMAC-RFC), operates three loan servicing
centers located in Dallas, Texas; San Diego, Calif. and Blue Bell, Pa.
Acquired from Capstead in 1998, the Homecomings Dallas center serves as the
centralized management site for all servicing and focuses on prime and Alt A
product. The San Diego center services first-mortgage default and real
estate-owned management. The Blue Bell center is the special servicing site
for home equity, lines of credit and HLTV product.
GMAC-RFC also has a master servicing operation in Burbank, Calif., that
handles master servicing. This office will receive its Fitch rating during
the second quarter of this year.
GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance
Corporation, is America's largest non-agency issuer of mortgage-backed
securities and a leading warehouse lender. The company leverages its
strengths in securitization, lending and investment to offer a broad portfolio
of innovative capital solutions. The company is headquartered in Minneapolis
and operates in the United States, Europe, Latin America and Japan. More
information is available at http://www.rfc.com
SOURCE Homecomings Financial
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Related links:
http://www.rfc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
952-832-7343, jehlers@rfc.com , or Randy Sands of Shandwick
International, 952-346-6191, rsands@shandwick.com , for GMAC-RFC
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