NEW YORK - (Business Wire) Fitch Ratings assigns the following U.S. residential servicer ratings to MetLife Home Loans, a division of MetLife Bank, NA (MHL):
--Primary servicer rating for prime product at 'RPS2';
--Primary servicer rating for Alt-A product at 'RPS2'.
The ratings are placed on Rating Watch Evolving.
On Aug. 31, 2008, First Horizon National Corporation (FHN) completed the sale of its mortgage origination and servicing platforms to MetLife Bank, NA, a wholly owned subsidiary of MetLife, Inc. MetLife has renamed the servicing division formerly known as First Horizon Home Loans, a Division of First Tennessee Bank, National Association (First Horizon) to MetLife Home Loans, a division of MetLife Bank, NA. The rating actions reflect the operational capabilities of the existing servicing platform, and the financial strength of MHL's ultimate parent, MetLife, Inc. (rated 'A+' by Fitch).
The Rating Watch Evolving indicates that a further rating action of a downgrade, upgrade or affirmation may occur based on Fitch's operational review of the servicing platform planned for the fourth quarter of 2008. Fitch will continue to monitor MHL's ability to maintain performance while integrating its business processes with the MetLife culture, management and operations.
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 Mortgage Servicers', dated Nov. 29, 2006, which is available on the Fitch Ratings web site at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
Fitch Ratings, New York
Stephanie Whited, +1-562-481-1368
Mary Kelsch, +1-212-908-0563
Sandro Scenga, +1-212-908-0278 (Media Relations)
