Recent residential mortgage ratings activity
By SAM GARCIA
7/3/2002

NetBank susidiary RBMG, Inc. was assigned an 'RPS3' residential primary servicer rating for prime product by Fitch Ratings, reflecting competent company and management experience, integrated technology and effective loan administration procedures and controls. RBMG primary services over 100,000 loans totaling $11 billion, which includes sub-servicing of over 12,000 loans totaling $1.6 billion. The company's portfolio consists of conforming conventional product.

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.

Ratings on classes of Bear Stearns ARM Trust, series 2000-1, 2001-2 and 2001-3 were raised and affirmed by Standard & Poor's (S&P), reflecting actual and projected credit support percentages that adequately support the ratings, low delinquencies, and no realized losses to date. Individual mortgage insurance was purchased for more than 80% of the mortgage loans in five transactions. The hybrid adjustable rate mortgages in the transaction are fixed for an initial period of three, five, seven, or 10 years with semiannual or annual adjustments thereafter.

S&P raised and affirmed its ratings on classes of the following series of California Federal Bank FSB mortgage pass-through certificates based on pool insurance policies and collateral performance for the raised ratings and the level of subordination for the affirmations.

Raised

Raised

Affirmed

* 1991-CI3
* 1992-CI5
* 1992-CI6
* 1992-JO1



* 1992-MW1
* 1992-MW2
* 1993-CI7
* 1993-JO2



* 1990-BN1
* 1995-BN2

The overall performance of the California Federal pools has been very strong, with low realized loss levels and low delinquency levels.

Fitch upgraded classes of the following series of mortgage pass-through certificates as a result of low delinquencies and losses, as well as increased credit support.

* Citicorp Mortgage Securities, Inc., series 1998-1, 1998-2, 1998-3, 1998-4, 1998-6, 1998-7, 1998-8, 1998-9 and 1998-10
* GE Capital Mortgage Services, Inc. (REMIC multi-class), series 1998-6, 1998-8, 1998-10, 1998-11, 1998-12 , 1998-13, 1998-14, 1998-15, 1998-21, 1998-23, 1998-24 and 1998-25
* Mellon Residential Funding Corporation, series 1998-TBC1and 1998-1
* Norwest Asset Securities Corp., series 1998-1, 1998-2, 1998-3, 1998-4, 1998-5, 1998-6, 1998-7, 1998-8, 1998-9, 1998-10, 1998-11, 1998-12, 1998-13, 1998-15, 1998-18, 1998-20, 1998-21, 1998-22, 1998-23, 1998-24, 1998-25, 1998-26, 1998-27, 1998-28, 1998-29, 1998-30, 1998-31, 1998-32, 1998-33 and 1998-34

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