This includes a prime residential primary servicer rating of RPS3+, a subprime residential primary servicer rating of RPS3+, and a residential special servicer rating of RSS3+.
For small loans commercial primary and specialist servicing, Crown received upgrades to CPS3+ and CSS3+ respectively.
The Fitch ratings scale classifies 3+ ratings as “servicers demonstrating proficiency in overall servicing ability. It is the third highest level out of the five that can be awarded by Fitch.
Fitch noted Crown has shown strong performance in the residential loans sector, and pointed to this as a key driver for the business’ success.
Eric Stoclet, chief executive officer at Crown Mortgage Management, said: “Fitch recognises our merit as a mortgage servicer and strength in the company’s financials, staff expertise, and breadth of portfolios. We have been able to grow assets under management in a difficult environment. The ratings upgrade is further evidence that Crown’s business strategy is working.
“As the Fitch report highlights, we have strengthened our management and business development teams, giving us significant bench strength and experience. This puts us in a strong position in the market place as we look to grow the business.
“The upgrade gives our clients added confidence that we will continue to stand shoulder to shoulder with them throughout the challenging economic climate."
