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Fitch Assigns Initial Residential Mortgage Servicer Rating to EverBank

  Fitch Assigns Initial Residential Mortgage Servicer Rating to EverBank

Business Wire

NEW YORK -- November 21, 2012

Fitch Ratings has assigned the following U.S. residential mortgage servicer
rating to EverBank FSA dba Everhome Mortgage (EverBank):

--Initial U.S. residential primary servicer rating for Prime product assigned
at 'RPS3+'; Outlook Stable.

The rating action is based on EverBank's extensive residential mortgage
servicing experience, established control environment, and integrated
servicing technology. However, the rating also reflects the consent order that
EverBank entered into with the Office of Thrift Supervision (OTS) and the
company's continuing obligation to comply with all requirements thereof. In
addition, the rating incorporates the financial condition of EverBank, a
non-publicly rated entity, as financial condition is a component of Fitch's
servicer ratings.

Finally, the rating reflects Fitch's overall concerns for the U.S. residential
servicing industry. These include the ability to maintain high performance
standards while addressing the rising cost of servicing and changes to
industry practices, which are likely to be mandated by regulators and other
parties.

EverBank is headquartered in Jacksonville FL and has been servicing
residential mortgage loans for over 40 years including its various
predecessors and acquired companies. Prior to rebranding as EverBank in 2004,
the company had acquired or joint-ventured to form various mortgage and/or
banking operations. In 2007, EverBank acquired mortgage servicing assets from
NetBank and in 2010, acquired the banking operations of Bank of Florida. As of
July 31, 2012, EverBank was servicing over 390,000 residential mortgage loans
totaling $53.1 billion. This included approximately 50,000 non-agency prime
loans totaling $8.5 billion.

EverBank has an established control infrastructure that makes extensive use of
key performance indicators to monitor all servicing functions. The company's
compliance and quality control departments operate independent of the business
operations. EverBank's integrated servicing technology makes extensive use of
scripting and electronic task queuing and tracking.

In April 2011, EverBank and its parent EverBank Financial Corp. entered into
consent orders with the OTS in connection with the company's handling of
foreclosures and certain other matters. EverBank is addressing all of the
consent order requirements. EverBank stated that it did not issue blanket
foreclosure holds in any state due to document execution issues. EverBank
examined their document execution process with counsel; however, this process
did not result in a delay of any foreclosures.

The Outlook for U.S. Residential Mortgage Servicer ratings sector remains
Negative. On Nov. 4, 2010, Fitch assigned a Negative Outlook for the entire
U.S. Residential Mortgage Servicer ratings sector on increased concerns
surrounding alleged procedural defects in the judicial foreclosure process.

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 Jan. 31, 2011,
which is available on the Fitch Ratings web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by,

or on behalf of, the issuer, and therefore, Fitch has been compensated for the
provision of the

ratings.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Structured Finance Servicers' (Aug. 13, 2010);

--'U.S. Residential and Small Balance Commercial Mortgage Servicer Rating'
(Jan. 31, 2011).

Applicable Criteria and Related Research:

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305

U.S. Residential and Small Balance Commercial Mortgage Servicer Rating
Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=600065

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Primary Analyst
Thomas Crowe, +1-212-908-0227
Senior Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Diane Pendley, +1-212-908-0777
Managing Director
or
Committee Chairperson
Grant Bailey, +1-212-908-0544
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com
 
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