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FirstMac’s servicing level upgraded

by Staff Reporter7 minute read
The Adviser

FirstMac’s residential loan servicer ranking has been upgraded by Standard & Poor's from ‘above average’ to ‘strong’.

The mortgage lender’s ranking was raised yesterday in recognition of its servicing capabilities.

The company’s chief executive officer Kim Cannon said the upgrade reflected FirstMac’s commitment to continued investment in the company’s infrastructure and procedures.

“The Standard and Poor’s report shows that borrowers and mortgage managers can be confident they will receive superior customer service levels in all their dealings with FirstMac,” he said.

According to the Standard & Poor report, FirstMac had managed to implement an internal audit program that promoted a risk conscious culture.

Mr Cannon said through the internal audit program, the company had managed to improve its arrears performance to a level that is below the Standard & Poor Mortgage Performance Index.

The upgrade follows on from the company’s successful upsizing, placing and pricing of its 2-2009 RMBS Issue on 10 November 2009.

The transaction, which was initially launched at $400 million, was increased to $470 million following greater than anticipated investor bids.

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