Powered by MOMENTUM MEDIA
subscribe to our newsletter
Firstmac recognised for ‘strong’ loan servicing

Firstmac recognised for ‘strong’ loan servicing

Standard & Poor’s has affirmed the “strong” ranking assigned to Firstmac as a servicer of prime mortgages.

S&P says the ranking reflects its opinion that the non-bank lender continues to demonstrate strong servicing quality.

“Firstmac has an experienced management team and effectively uses technology in its well-automated mortgage loan servicing operations,” it said.

Advertisement
Advertisement

Firstmac’s key strengths include its “well-established position” as an experienced primary servicer of residential mortgages and its “solid” loan processing and servicing infrastructure, “which provides Firstmac with an end-to-end integrated approach to loan origination, servicing, and management”.

S&P also noted that the lender has a “comprehensive” corporate governance and risk management framework, a “robust” training and development program, and “prudent” servicing and policy procedures that contribute to a low arrears level.

The credit ratings agency said the outlook on Firstmac’s “strong” loan servicer is stable, reflecting its view that the lender will maintain its servicing strengths in the medium term through continued improvements in its processing and servicing practices.

Firstmac managing director Kim Cannon said the ranking confirmed the company’s position as a prudent and sustainable lender.

“The S&P Global Ratings’ ‘strong’ ranking is a welcome demonstration of confidence from the world’s leading ratings agency,” Mr Cannon said.

“This ranking is based on a thorough review of our operations and confirms that our operations, risk management and corporate governance are world class.”

[Related: Firstmac completes $500m RMBS issue]

Firstmac recognised for ‘strong’ loan servicing
mortgagebusiness
  • 23
    Days
  • :
  • 07
    Hours
  • :
  • 54
    Minutes
  • :
  • 01
    Seconds

EARLY BIRD CLOSING SOON
Have you secured yours?

Latest News

The major bank has announced increases to its variable owner-occupied and investor home loan interest rates. ...

Shadow Treasurer Chris Bowen has written to Treasurer Josh Frydenberg urging him to release the final report from the financial services roy...

Mitigating the systemic risks that could emerge from financial innovation will be a key area of focus for Asia-Pacific regulators this year,...

FROM THE WEB
podcast

LATEST PODCAST: The broking industry hits new heights

Is enough being done to ensure responsible lending?