First Republic Receives “Strong” Originator Rating for Residential Mortgages
First Republic Bank, a leading private bank and wealth management company, today announced that it received, from Moody’s Investors Service, a “strong” overall rating for its jumbo mortgage origination practices.
In its report on First Republic Bank (FRB) dated May 24, 2011, Moody’s said: “We have based our overall assessment of ‘strong’ on FRB’s strong track record of collateral performance (loan performance), its above average lending practices (originator ability), and above average operational stability (originator stability).”
“Moody’s positive assessment of First Republic’s mortgage originations is consistent with our disciplined credit standards maintained for more than 25 years,” said Jim Herbert, Chairman and Chief Executive Officer of First Republic Bank.
Since it was founded in 1985, First Republic Bank’s cumulative net losses, on over $43 billion of residential loan originations, have been less than 1/10th of 1%.
“First Republic is quite pleased with the overall ‘strong’ rating from Moody’s Investors Service, and it reflects the bank’s commitment to the highest underwriting standards,” said Katherine August de-Wilde, President and Chief Operating Officer of First Republic Bank.
About First Republic Bank
First Republic Bank (NYSE:FRC) and its subsidiaries provide private banking, private business banking and private wealth management. Founded in 1985, First Republic specializes in exceptional, relationship-based service offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich and New York City. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. First Republic is a component of the S&P Total Market Index, the Wilshire 5000 Total Market IndexSM and nine Dow Jones indices. More information is available on the Bank’s website at www.firstrepublic.com.