Fitch Ratings has affirmed the U.S. residential primary and special servicer ratings for Wells Fargo Home Mortgage (WFHM), a division of Wells Fargo Bank NA.
WFHM's residential primary servicer rating is RPS1 for prime product, Alt-A product and supbrime product.
The affirmations are based on WFHM's highly tenured and seasoned management team, continued enhancements in technological investments, highly developed system of internal controls and well-established processes and procedures, Fitch says.
During the course of the year under review, WFHM increased staffing by 33% (primarily in customer service, payoffs, servicing integration, document management and default operations) and acquired an eighth servicing center.
WFHM continues to make improvements and enhancements in its loan default area, Fitch says. The servicer has maintained its skills-based recruiting, as well as expanded its staff training and development programs.
The servicer also named two senior officers from within the company to lead the default and retention operations, with the goal of streamlining its loss mitigation efforts through the use of enhanced data analytics.
In addition, during 2009, WFHM has continued the ongoing preparation for the Wachovia legacy loans, which are not expected to be integrated until the beginning of the fourth quarter. However, Fitch believes that WFHM has the requisite management team in place, experienced staff and highly developed processes and procedures to effectively manage its current servicing portfolio.
SOURCE: Fitch Ratings