Fitch Rates RFMSI Mortgage Pass-Thru Ctfs Series 2002-S6
NEW YORK–(BUSINESS WIRE)–April 30, 2002
Fitch rates Residential Funding Mortgage Securities I, Inc.’s (RFMSI) $301.6 million mortgage pass-through certificates, series 2002-S6 classes A-1 through A-8, A-P, A-V, and R certificates (senior certificates) ‘AAA’.
The ‘AAA’ ratings on senior certificates reflect the 1.25% subordination provided by classes M-1, M-2, M-3, and the privately offered class B certificates. Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and GMAC-RFC’s servicing capabilities (rated ‘RMS1’ by Fitch) as master servicer.
The mortgage pool consists of 714 conventional, fully amortizing, 15-year fixed-rate, mortgage loans secured by first liens on one- to four- family residential properties with an aggregate principal balance of $305,401,168 as of the cut-off date. The mortgage pool has a weighted average original loan-to-value ratio of 58.53%. Approximately 74.85% and 2.61% of the mortgage loans possess FICO Scores greater than or equal to 720 and less than 660, respectively. Loans originated under a reduced loan documentation program account for approximately 13.99% of the pool, cash-out refinance loans account for 21.13%, and second homes account for 3.02%. The average loan balance of the loans is $427,733. The three states that represent the largest portion of the loans are California (39.96%), Florida (6.30%), and Georgia (4.52%).
All of the mortgage loans were purchased by the depositor through its affiliate, Residential Funding, from unaffiliated sellers except in the case of 14.8% of the mortgage loans, which were purchased by the depositor through its affiliate from HomeComings Financial Network, Inc., a wholly-owned subsidiary of the master servicer. Approximately 14.5% and 12% of the mortgage loans were purchased from First Nationwide Mortgage and Suntrust Mortgage Inc., respectively, each an unaffiliated seller. Approximately 59.4% of the mortgage loans are being subserviced by HomeComings Financial Network, Inc.
Bank One, N.A will serve as trustee. RFMSI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. For federal income tax purposes, an election will be made to treat the trust fund as a real estate mortgage investment conduit (REMIC).
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