Standard & Poor's Revises American Home Mortgage Servicing, Inc. Outlook to Positive
Experienced Management Team, Sound Overall Internal Controls, Sound Proprietary Technology
DALLAS, May 3, 2012 /PRNewswire/ -- Yesterday, Standard and Poor's ("S&P") affirmed American Home Mortgage Servicing, Inc. ("AHMSI") ABOVE AVERAGE rankings as a residential prime and residential subprime mortgage servicer. S&P also affirmed its AVERAGE rankings on the company as a residential subordinate-lien and special loan servicer, and revised its outlook to positive for residential special loan servicing (see following S&P Media Release).
S&P's overview went on to state that "the ranking affirmations reflect Standard & Poor's opinion about AHMSI's sound overall internal controls and corporate governance along with effective and experienced senior management. The affirmations also reflect what we believe is a capable default management operation. The outlook revision for special servicing is based on what Standard & Poor's considers to be sound proprietary technology that AHMSI developed to assist management and staff with the administration of distressed assets. The outlook also reflects what Standard & Poor's considers to be good senior management and a developing staff."
"This affirmation by S&P is great news for AHMSI and highlights our capabilities as a special servicer," said David Applegate, President, and Chief Executive Officer-AHMSI. "Our goal is to become a top ten mortgage banking organization and we are making strong progress toward that objective in both our lending and servicing operations."
S&P also stated in their release that, "In our opinion, American Home Mortgage Servicing, Inc. has a seasoned and experienced management team, solid corporate governance, effective internal controls and risk management, dedicated and comprehensive training programs, thorough policies and procedures, satisfactory call center management, demonstrated default management expertise, and a sound level of automation and effective use of technology."
AHMSI is the 13th largest mortgage servicer in the country managing nearly $71 billion in loan servicing, representing approximately 374,000 customers. Since its inception in April 2008, AHMSI has modified over 195,000 mortgage loans, including over 32,000 under the U.S. government's Making Home Affordable Program. AHMSI's more than 3,000 associates work each day with the mission of helping families preserve their dream of home ownership. On May 29, 2012, AHMSI will change its name to Homeward Residential, Inc., signifying its transformation to a full-service mortgage banking enterprise with a broad spectrum of offerings and expertise in lending, servicing and a variety of related services.
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