Fitch Ratings has assigned the following U.S. residential primary prime servicer rating for AmWest Funding Corp. (AmWest).
Residential primary servicer rating for prime product at 'RPS3'; Outlook Stable
Key Rating Drivers
The 'RPS3' rating reflects AmWest's experienced senior management team and staff; its highly developed business strategy and support from its parent company, The AmWest Group (TAG); and the evolving enhancements to the servicing systems and processes and controls.
AmWest is a California corporation and a wholly owned subsidiary of TAG. The company is engaged in originating, selling, and servicing residential mortgage loans. AmWest is an approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae. AmWest also provides servicing for commercial banks, real estate mortgage investments conduits, and private institutional investors. The company maintains mortgage banking and/or servicing licenses in 42 states, including the District of Columbia.
As of Dec. 31, 2021, AmWest servicing portfolio totaled approximately 19,200 loans for $8.64 billion. The portfolio is comprised of 7,125 owned portfolio totaling $3.72 billion, 6,225 agency loans totaling approximately $2.3 billion, 5,790 non-agency loans totaling $2.58 billion, and 110 interim third-party serviced loans totaling $46.3 million.
Key Coronavirus-Related Developments:
Amwest successfully transitioned its staff to work remotely with little or no down time. The servicer shifted its customer service representatives into single point of contact (SPOC) to handle all aspects of the default management relationship.
Most of the portfolio loans are non-federally backed mortgages not covered by the CARES Act, but AmWest has generally followed Fannie Mae guidelines on non-CARES Act loans modified to offer COVID -19 payment relief to its customers who were impacted by the pandemic on terms authorized by the note-holders.
As of Sept. 30, 2021, AmWest's delinquency totaled 1.1%, representing 191 delinquent loans, broken out as: 53 loans 30-59 days; 21 loans- 60-89 days; 93 loans - 90+ days; 21 loans in bankruptcy and three loans in foreclosure.
Over the past 12 months, AmWest received and responded to six complaints from the consumer financial protection bureau (CFPB). The servicer indicated that all issues were resolved in a timely manner. Fitch believes the number of complaints is typical for AmWest's portfolio size and product types.
AmWest utilizes FICS's Mortgage Servicer software, which is industry standard technology, for its core servicing system. The servicer maintains a dedicated technology team comprising 12 staff members averaging 12 years' industry experience and three years' company tenure. AmWest also provides a customer-facing web application, which allows reviewing of account information and making mortgage payments.
The customer service team is adequately staffed with eight agents handling inbound call volume. AmWest's four collections agents operate in a blended customer service and early collections environment. All default management functions are performed onshore. The servicer maintains shared staffing across its default operation and is in the process of recruiting full-time equivalents to ramp up its staffing needs as part of its planned growth objectives.
The servicer maintains adequate policies and procedures that follow agency and investor guidelines for its default management operation. Customer complaints are managed through the compliance department, which are logged and tracked on an excel spreadsheet. The servicer is in the process of enhancing its telephony systems and processes to leverage improved call metric reporting across its servicing platform.
RATING ACTIONS
Entity / Debt
Rating
AmWest Funding Originator & Servicer
RMBS Primary Servicer
RPS3
New Rating
Page
of 1
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
FEDERAL NATIONAL MORTGAGE ASSOCIATION 
