Wilshire Credit\'s primary and special servicer ratings affected
By MortgageDaily.com staff
4/29/2005

A Merrill Lynch & Co. subsidiary saw its subprime servicer ratings improved as a result of an experienced staff and an efficient operation.

Fitch Ratings announced Thursday it upgraded Wilshire Credit Corporation's residential primary servicer ratings for subprime, home equity, and high loan-to-value products to 'RPS1-' from 'RPS2+'.

The ratings agency noted Wilshire's experienced management team, expanded training and "effective integrated technology" were behind the upgrade.

Wilshire also saw its special servicer rating bumped from 'RSS2+' to 'RSS1-'. Fitch cited the company's ability to effectively manage and liquidate nonperforming loans and REO assets and the financial strength of parent company Merrill Lynch Mortgage Capital Inc.

Fitch says it "rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating." Fitch further differentiates the ratings using a plus (+), minus (-) and flat rating.

Beaverton, Ore.-based Wilshire serviced more than 160,000 loans for $10 billion at the end of last year, Fitch announced, including $3 billion in subprime and $5 billion in home equity. The remaining portfolio consisted of Alt-A, HUD and manufactured housing loans.

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