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Bank of America Mortgage Residential Servicing Ranking Affirmed at STRONG Nov 02
Standard & Poors, Nov 2002
Abstract
NEW YORK (Standard & Poor's) Nov. 22, 2002--Standard & Poor's Ratings Services today affirmed its STRONG ranking on Bank of America Mortgage, an operating department of Bank of America NA, which is a wholly owned subsidiary of Bank of America Corp., as a Residential Mortgage Servicer. The Outlook is Stable. The ranking reflects the company's superior management depth, comprehensive training regimen, thorough policies and procedures, and well-designed internal controls. Management continues to refine and enhance its workflow automation environment to effect productivity improvements while reducing the risk of loss within the servicing operation. Delinquency levels for the portfolio, as well as cost-to-service and loans serviced-per-servicing employee, remain much better than relevant industry statistics. The company's closing of another of its...
Companies mentioned in this report are: Bank of America Corp.,Bank of America N.A.
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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