Fitch Affirms SunTrust’s Servicer Rating

Posted by Orb Staff on July 13, 2009 No Comments
Categories : Mortgage Servicing

Ratings has affirmed SunTrust Mortgage Inc.'s (STM) U.S. residential primary servicer rating for prime product at RPS2. The rating is based on the company's experienced and tenured senior management team and effective loan administration procedures, as well as reflects the financial strength of STM's parent company, SunTrust Banks Inc., Fitch says. STM is headquartered in Richmond, Va., and originates and services a full range of prime residential mortgages nationwide through its retail, wholesale and correspondent channels. As of April 30, the company serviced 967,214 residential mortgage loans totaling approximately $166 billion. Since Fitch's last review, the previous servicing manager retired from the company, and the position still remains open. In addition, the servicer combined its consumer lending and mortgage operations were under one organizational structure, with both default areas under one management team and new processes and procedures being implemented. Senior line managers were hired, and STM implemented team-member recruiting and incentive compensation programs. In addition, a new call center was opened in Orlando, Fla., and its existing Virginia operations were expanded to accommodate delinquency-related issues. STM has continued its technological enhancements within its customer service functionalities and has continued effecting changes to the existing processes and procedures to aid its portfolio performance and improve customer contact, Fitch adds. SOURCE: Fitch

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