Fitch Ratings Affirms Homecomings Resi & Master Servicer Ratings

Business Wire, Nov 11, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 11, 2002

Fitch Ratings affirms Homecomings Financial's (Homecomings) 'RPS1' residential servicer ratings for prime, Alt-A, subprime, high loan-to-value (HLTV) and home equity/home equity lines of credit products. In addition, Fitch affirms Homecomings' special servicer rating of 'RSS1', and its master servicer rating of 'RMS1'. Homecomings Financial is a wholly owned subsidiary and servicing arm of GMAC-RFC.

The residential servicer ratings are based on Homecomings' experienced management team, robust technology platform and solid risk management practices. The special servicer rating reflects Homecomings' ability to manage and liquidate non-performing residential mortgage loans and real estate owned (REO) assets. The master servicer rating is based on Homecomings' solid ability to oversee the servicing activities of its primary and special servicers. All of the ratings reflect Homecomings' solid internal control environment, proven performing and defaulted loan administration capabilities and enhanced training programs.

Operating three servicing centers in Dallas, TX, San Diego, CA and Blue Bell, PA, Homecomings has serviced a broad array of residential mortgage loans and products. As of June 30, 2002, Homecomings serviced a portfolio of over 562,248 loans with a balance of $55.2 billion, of which $25.7 billion was prime and Alt-A loans, $20.6 billion was subprime loans and $8.9 billion second lien home equity, HELOC and HLTV loans. As June 30, 2002, Homecomings' master servicing portfolio consisted of 689,679 loans with a total balance of $81.3 billion.

Over the years, Homecomings has demonstrated continued superior servicing performance with ample servicing capacity and platforms to sustain its targeted growth projections. Fitch will continue to monitor the performance of each of Homecomings' servicing centers and initiatives as well as its ability to maintain current servicing performance levels.

Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus ( ) and minus (-) as well as the flat rating. For more information on the review and rating process for servicers, see Fitch Research on 'Rating Residential Loan Servicers', dated Aug. 3, 1999 and available on the Fitch Ratings web site at 'www.fitchratings.com'.