Residential Funding Wins Top Rating from S&P

MINNEAPOLIS-Residential Funding Corp. says it has received the top master servicer designation from Standard & Poor’s, the New York-based international rating agency. S&P made the designation after evaluating GMAC-RFC’s capabilities in monitoring the administration of residential mortgage loans serviced by primary loan servicers.

The rankings also reflect the company’s seasoned management team and staff, emphasis on risk management, solid technology platform, comprehensive training programs, high level of customer service, and the strong capital base of parent company GMAC Financial Services. S&P, which rates residential mortgage servicers on a five-point scale ranging from “weak” to “strong,” assigned GMAC-RFC a “strong” ranking as a residential loan master servicer.

According to S&P, a “strong” servicer ranking demonstrates the highest degree ofability, efficiency and competence in managing large and highly diverse asset portfolios; strong and stable management; state-of-the-art computer technology; and excellent internal controls, policies and procedures.

As of April 2001, GMAC-RFC’s master servicing portfolio size was about $78 billion, representing more than 650,000 loans.