Specialized Mortgage Investment and Servicing Platform Backed by Private Equity Firm Equifin Capital Partners and Och-Ziff Capital Management approved to service loans by Fannie Mae
NEW YORK, Nov. 18 /PRNewswire/ -- Residential Credit Solutions, Inc. ("RCS") today announced that it has been approved as a servicer by the Fannie Mae.
RCS was approved by Fannie Mae as a residential mortgage servicer, recognizing RCS's capabilities and capacity to service loans that meet Fannie Mae's standards. The Fannie Mae approval follows an announcement on September 4th that RCS was named a "Select Servicer" by Standard & Poor's Rating Services.
RCS was added to the S&P select servicer list as a residential subprime and special servicer, the only servicer named to the subprime category last month. S&P's Select Servicer List reflects a positive assessment of servicers' financial position, regulatory compliance, management strengths and weaknesses.
RCS's focus on keeping borrowers in their homes through its high-touch servicing platform and loss mitigation best practices will assist Fannie Mae in its home preservation activities.
Founded in December 2006, RCS is a mortgage investment and servicing company exclusively focused on providing servicing capacity and capital to the residential mortgage markets. RCS currently manages approximately $1 billion in performing and non-performing residential mortgage loans and has over 122 employees in offices in Fort Worth, Los Angeles and New York.
RCS provides high-touch special servicing for its bank and thrift partners and owners of mortgage credit risk that need additional servicing capacity to manage at-risk, sub-performing and non-performing residential loans. In addition, RCS is an investor, taking principal ownership of residential mortgage credit risk. RCS is backed by private equity firm Equifin Capital Partners and Och-Ziff Capital Management Group.
"We are pleased that Fannie Mae has recognized RCS for our servicing and loss mitigation experience in servicing-intensive mortgage assets," said Dennis Stowe, President of RCS. "This distinction validates our capabilities and the focus of our first-class management team to develop operational best practices and a value-oriented deployment of investment capital."
Mr. Stowe is an experienced financial services executive with 25 years of experience in the mortgage industry, acquiring and servicing mortgages and related assets. He was formerly President and Chief Operating Officer of Saxon Capital, Inc. where he had primary responsibility for building its servicing operations from an 18-person organization to one that ultimately serviced $25 billion in non-conforming mortgages. Prior to joining Saxon, Mr. Stowe resolved portfolios of consumer and commercial mortgages on behalf of the FDIC and the RTC during the savings and loans crisis.
About Residential Credit Solutions:
Residential Credit Solutions is an integrated residential mortgage investment and servicing company focused on credit-sensitive and servicing-intensive mortgage assets. The Company is headquartered in Fort Worth, TX and also has substantial operations in Los Angeles, CA. For more information about RCS call (682) 647-2500 or visit www.residentialcredit.com.
About Equifin Capital:
Equifin Capital Partners is a New York-based private equity firm focused on investments in consumer and commercial finance, asset servicing, capital asset management and other related sectors of the financial services industry. Equifin Capital's principals have been responsible for over $1.8 billion in equity investments in start-ups, turn-arounds, buyouts and growth equity transactions. Equifin Capital combines private equity investment capabilities with the operating backgrounds of its principals at leading global financial services firms and extensive capital markets relationships. For more information about Equifin Capital, visit www.equifincapital.com.
About Och-Ziff Capital Management
Och-Ziff Capital Management Group LLC is one of the world's largest institutional alternative asset managers with offices in New York, London, Hong Kong, Tokyo, Bangalore and Beijing. Och-Ziff's funds seek to deliver consistent, positive, risk-adjusted returns throughout market cycles, with a strong focus on capital preservation. Och-Ziff's multi-strategy approach combines global investment strategies, including merger arbitrage, convertible and derivative arbitrage, equity restructuring, credit and distressed investments, private investments and real estate. As of November 1, 2008, Och-Ziff had approximately $28.3 billion in estimated assets under management with over 700 investor relationships. For more information, please visit www.ozcap.com.
SOURCE Residential Credit Solutions, Inc.
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