--U.S. Residential primary servicer rating for prime product at 'RPS2+'; on Rating Watch Negative;
--U.S. Residential primary servicer rating for subprime product at 'RPS2+; on Rating Watch Negative;
--U.S. Residential primary servicer rating for HLTV product at 'RPS2+'; on Rating Watch Negative;
--U.S. Residential primary servicer rating for HELOC product at 'RPS2+'; on Rating Watch Negative;
--U.S. Residential primary servicer rating for second lien product at 'RPS2+'; on Rating Watch Negative;
--Special servicer rating at 'RSS2+'; on Rating Watch Negative.
The Negative Watch reflects Fitch's ongoing concerns with Green Tree's rapid growth and portfolio integration. Fitch also believes that the recently failed metrics of the National Mortgage Settlement (NMS) as reported on
Green Tree became subject to oversight by the OSMO and compliance with the NMS in connection with its mortgage servicing rights purchase (MSR) in 2013 of 380,000 Fannie Mae loans from the former ResCap. While Green Tree's management had indicated to Fitch earlier that the 300 NMS standards had been implemented, the aggressive timing of the integration of the NMS testing requirements for the ResCap portfolio may have contributed to their resultant failures. As of
The Rating Watch Negative indicates that there is a heightened probability of a rating change and the likely direction of such a change.
Green Tree's corporate headquarters are located in
Fitch 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 'Rating U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria', dated
Additional information is available at 'www.fitchratings.com'
--' Rating Criteria for Structured Finance Servicers' (
--'U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria' (
Rating Criteria for Structured Finance Servicers
U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria -- Effective
Source: Fitch Ratings
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