Business Daily.
.
The Times Real Estate
A+ R A-

Fitch Withdraws GMAC Mortgage's Residential Primary Special Servicer Ratings

E-mail Print PDF

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has withdrawn the U.S. residential mortgage servicer ratings for GMAC Mortgage LLC (GMAC Mortgage) as follows:

--Residential primary servicer rating for prime product withdrawn at 'RPS4';

--Residential primary servicer rating for Alt-A product withdrawn at 'RPS4';

--Residential primary servicer rating for subprime product withdrawn at 'RPS4';

--Residential primary servicer rating for HLTV product withdrawn at 'RPS4';

--Residential primary servicer rating for HELOC product withdrawn at 'RPS4';

--Residential primary servicer rating for subservicer withdrawn at 'RPS4';

--Residential special servicer rating withdrawn at 'RSS4'.

Ocwen Loan Servicing, LLC (Ocwen) acquired the residential servicing platform previously used by Residential Capital LLC's (ResCap) GMAC Mortgage from the bankruptcy court on February 15, 2013. ResCap, GMAC Mortgage's parent, had filed for bankruptcy protection on May 14, 2012, at which time GMAC Mortgage's servicer ratings were downgraded. The rating withdrawals are based on insufficient information provided to Fitch to maintain the servicer ratings following the acquisition.

The ratings being withdrawn had been determined in accordance with Fitch's criteria ''U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria' and 'Rating Criteria for Structured Finance Servicers'.

Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within some of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information on Fitch's residential servicer rating program, please see Fitch's report 'Rating U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria', dated Jan. 31, 2011, which is available on the Fitch Ratings web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Rating Criteria for Structured Finance Servicers' (Feb. 6, 2013);

--'U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria' (Jan. 31, 2011).

Applicable Criteria and Related Research:

Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699690

U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=600065

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=806198

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Business Daily Media