|A Bank of America Corp. unit saw its master servicer rating raised.
The master servicer quality rating for residential loans at Bank of America, N.A., was upgraded to SQ2- by Moody's Investors Service, a news release Friday said. The rating previously was SQ3+.
The best rating a servicer can be assigned is SQ1+, while SQ5- is the lowest.
Moody's said BoA's servicing stability, compliance and monitoring capabilities, and reporting and remitting processes are above average.
The ratings agency cited the implementation of a file transfer protocol site for secure reporting by primary servicers and an upgraded servicing system SBO 2000 with an enhanced default module for modification and default timeline tracking. Also cited were a risk-based scoring model to evaluate primary servicers and an emphasis on loan-level testing as part of on-site reviews.
The master servicing operations were previously operated as LaSalle Bank N.A.
There were 123,614 loans for $9.7 billion in the master servicing portfolio as of Jan. 31. BoA oversees 20 servicers tied to 40 securitizations. The portfolio will increase as Countrywide Home Loans operations are integrated this year.