...The U.S. residential primary servicing operations of Wachovia Bank, N.A. (Wachovia, or WB), a wholly owned subsidiary of Wells Fargo & Company (WFC), are rated `RPS2' for prime, second lien, and home equity line of credit (HELOC) products. The ratings reflect the merger of Wachovia Corporation into WFC; the merger was completed on Dec. 31, 2008. The retail credit services (RCS) group of Wachovia, which houses the servicing platform, is consolidating into Wells Fargo Home Equity (WFHE), a division of Wells Fargo Bank, N.A., which is a subsidiary of WFC. As of Fitch Ratings' review, the servicer had completed its senior management team alignment, fulfilled its staffing needs for the initial integration of systems, processes, and procedures, and developed daily production metrics for the combined operations. In addition, the servicer is transitioning its default administration functions from a shared services model to a centralized operation for better staffing and monitoring of its five locations...
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