Well-established retail underwriting model; Long operational track record with measured growth; Conservative underwriting and strong appraisal valuation and origination practices; Closely monitored operating structure with external and strengthened internal quality control (QC) checks; and Better-than-average historical loan performance. Corporate governance concerns related to RPM's concentrated ownership structure; Recently formalized risk management structure (limited track record); and Evolving internal audit program. Standard&Poor's Ratings Services' mortgage originator review (MOR) ranking on RPM Mortgage Inc. (RPM) is ABOVE AVERAGE. We reviewed its origination process for prime residential mortgages, including conventional, government agency, and jumbo loans. The overall ABOVE AVERAGE ranking illustrates our ABOVE AVERAGE qualitative subranking of RPM's residential mortgage origination and underwriting process and our ABOVE AVERAGE quantitative subranking of
