Fitch Notes Select Portfolio Servicing’s Operational Improvements

Posted by Orb Staff on July 10, 2009 No Comments
Categories : Mortgage Servicing

Ratings affirmed several servicer ratings for Credit Suisse's Select Portfolio Servicing Inc. (SPS). The company's Alt-A, subprime and second-lien ratings were each affirmed at RPS2+. SPS' special servicer rating was affirmed at RSS2+. The affirmations are based on SPS' experienced and tenured management team, default management processes and focused internal control environment, Fitch says. Headquartered in Salt Lake City, Utah, with an additional servicing site in Jacksonville, Fla., SPS is among the more than two dozen servicers contracted to be a part of the federal Making Home Affordable program. As of Feb. 28, SPS serviced a portfolio of approximately 231,000 loans with an unpaid principal balance of over $30.4 billion. The portfolio is composed of 73.1% subprime, 9.4% Alt-A and 17.3% second-lien product by loan volume. Since Fitch's last review, SPS has made operational and technological improvements to increase efficiencies across the servicing platform. SPS enhanced it new loan setup and investor reporting processes to include modification histories and data, as well as implemented Check 21 for earlier presentation and availability of funds. To address increased modification and defaulted loan activity, SPS significantly increased training hours in its defaulted loan servicing functions, implemented an online reference tool for call center agents, and continued to enhance its interactive voice response and customer Web site to optimize customer usage. SOURCE: Fitch

Register here to receive our Latest Headlines email newsletter




Leave a Comment