Fitch Ratings Assigns National City Mortgage Co.'RPS3+' Resi Rating

Business Wire, Sept 15, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 15, 2003

Fitch Ratings assigns National City Mortgage Co. (NCMC) its 'RPS3+' residential primary servicer rating for prime product. The rating is based on the financial strength of the company's parent National City Bank of Indiana and its ultimate parent, National City Corporation (NCC), whose long-term debt is rated 'AA-' by Fitch. The rating also reflects the company's experienced and tenured management team, effective performing loan management and its extensive training programs.

Operating a centralized servicing platform in Miamisburg, OH, NCMC originates and services a full range of prime residential mortgages nationwide through its retail and wholesale channels. As of June 30, 2003, NCMC serviced 1,047,412 mortgage loans totaling over $139 billion, which consisted of approximately 34% Freddie Mac, 15% Fannie Mae and 17% Ginnie Mae loans.

NCMC has serviced prime mortgages for almost 50 years and through its predecessors, has a long history of dynamic, fast-paced growth. Fitch believes the company is committed to its growth strategy, and with the support of a strong parent and a dedicated, experienced management team, NCMC is expected to remain an effective servicer of prime product. However, Fitch has concerns regarding the company's ability to absorb additional servicing volume while maintaining a balanced, well-controlled servicing environment. Fitch will continue to monitor NCMC's progress in effectively managing its growth while maintaining consistent loan performance and balanced servicing operations.

Fitch Ratings 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 'Residential Mortgage Servicer Ratings', dated Feb. 21, 2003, which is available on Fitch's web site at 'www.fitchratings.com'.