Fitch Ratings Knocks Down Littons Servicer Ratings

Fitch Ratings Knocks Down Littons Servicer Ratings

first_img Share Acquisitions Agents & Brokers Credit Ratings Fitch Ratings Investors Lenders & Servicers Processing Service Providers 2012-05-22 Tory Barringer in Origination, Servicing ""Fitch Ratings"":http://www.fitchratings.com/web/en/dynamic/fitch-home.jsp downgraded mortgage servicer ratings for Litton Loan Servicing LLP following Litton's acquisition by ""Ocwen Financial Corp."":http://www.ocwen.com[IMAGE][COLUMN_BREAK]The agency cut Litton's product servicer ratings in a number of categories, dropping them from RPS1 to RPS3. In addition, Litton's servicer rating for manufactured housing product dropped to RPS3 from RPS2, and its residential special servicer rating fell to RSS3 from RPS1. These drops illustrate a fall from Fitch's highest standards of servicing to average.The ratings downgrade comes in light of Ocwen's acquisition of Litton last year. Fitch said in a statement that there was ""insufficient information regarding the Litton platform being provided to Fitch to maintain the ratings following the acquisition of Litton by Ocwen.""Litton's ratings were placed on Rating Watch Negative in June 2011 after it was announced that Ocwen would be acquiring Litton. The financial company purchased Litton from Goldman Sachs in a $263.7 million deal.center_img Fitch Ratings Knocks Down Litton’s Servicer Ratings May 22, 2012 461 Views last_img

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