NFB (NYSE:NFB)
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North Fork Bancorporation, Inc. (NYSE: NFB) announces
Fitch upgrade for the mortgage servicing unit as per the following
press release from Fitch Ratings:
Fitch Ratings-New York-September 6, 2005: Fitch Ratings upgrades
GreenPoint Mortgage Funding's (GPM) residential primary servicer
ratings for Alt-A and home equity/home equity lines of credit
(HE/HELOC) products to 'RPS2' from 'RPS2-'. The ratings are based on
the company's experienced management team, upgraded technology and
established loan administration processes. The ratings also reflect
the financial strength of GPM's parent, North Fork Bancorporation
(North Fork) which is rated A- by Fitch.
Headquartered in Novato, CA, GPM is a wholly owned subsidiary of
North Fork Bancorporation. With assets of over $60 billion, North Fork
is a regional bank holding company headquartered in New York
conducting commercial and retail banking from 358 branches throughout
the New York metropolitan area, Connecticut and New Jersey. GPM
originates single-family and commercial mortgages through more than 40
wholesale, correspondent and retail branches. The servicing division
is located in Columbus, GA. GPM has serviced a broad array of
residential loans for more than 12 years. As of March 2005, GPM
maintained a servicing portfolio of over 303,000 loans with an
aggregate principal balance of over $45 billion. GPM's servicing
portfolio is comprised of 36% HELOC, 29% Alt-A, 21% agency and 14%
prime product by loan volume.
GPM's servicing strategy includes maintaining its servicing
portfolio close to production and selling servicing when economically
beneficial. The company's cost management structure includes actively
outsourcing servicing functions where it sees a cost benefit
advantage. GPM continues to maintain an offshore outsourcing
arrangement with a vendor in Bangalore, India dedicated to back office
loan administration functions and call center activities.
Since the completion of the merger in October 2004, North Fork has
demonstrated its support of the GPM servicing platform by investing
$5.5 million for upgrades to technology, facilities and personnel in
addition to transferring $4.2 billion of its single family portfolio
to GPM. As a result of this capital infusion, GPM has embarked on a
premiere servicing initiative and has made several operational,
technological and process improvements which have further enhanced the
efficiencies and productivity of the company. Additionally, the
company has upgraded its telecommunications and reporting
capabilities, added experienced professionals in both leadership and
supervisory roles and re-aligned departments to provide increased
management oversight and control. Over the past year, GPM has added a
dedicated quality control function to improve its internal control
operations. Fitch believes that GPM will remain an effective servicer
with reliable systems, efficient processes and sufficient controls.
However, Fitch will continue to monitor the company's efforts to
strengthen its overall internal control environment.
Fitch Ratings 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 (-) symbols, as well as
the flat rating. For more information on Fitch's residential servicer
rating program, See Fitch's report 'Residential Mortgage Servicer
Ratings,' dated Feb. 21, 2003, which is available on the Fitch ratings
web site at 'www.fitchratings.com'.
Contacts at Fitch Ratings: Karen Eissner +1-917-539-9529 or
Stephanie Whited +1-562-481-1368.