|
|
| The company formerly known as Fairbanks Capital Corp. saw its servicer rating upgraded.
Fitch Ratings upgraded Select Portfolio Servicing Inc.’s primary servicer ratings for subprime product, Alt-A product and home equity products to RPS2+ from RPS2, according to an announcement today. Ratings are measured on a one-to-five scale, with one being the best, and further differentiated by a plus or minus sign. The upgrades are based on the Salt Lake City-based company’s ability to service and liquidate, as well as the strength of parent Credit Suisse, Fitch said. A strong management team, improved internal controls and technology enhancements were also cited. Web site functionality was expanded, 24-hour access was provided for the interactive voice response unit, and the number of quality control checks for new loan boarding was increased, the report noted. Select’s servicing portfolio totaled 249,999 loans for $27 billion at yearend 2007, the statement indicated. Subprime encompassed nearly $20 million, while Alt-A accounted for nearly $4 billion and home equity loans and line-of-credit represented nearly $3 billion. Fitch also announced it assigned an RPS2 residential primary servicer rating for Alt-A product to Wilshire Credit Corp. — a subsidiary of Merrill Lynch Mortgage Capital Inc. The unit serviced 260,000 loans for more than $31 billion as of Dec. 31, 2006. Moody’s Investors Service announced it upgraded LoanCare Servicing Center Inc.’s primary servicer quality rating for prime residential mortgage loans to SQ3 from SQ3-. Moody’s system uses a rating of SQ1 for the best servicers and SQ5 for its weakest. Virginia Beach, Va.-based LoanCare’s servicing portfolio as of April 30 was 97,079 loans for $14 billion. Several new customer service initiatives help offset below average servicing stability, Moody’s said. |
|
|
Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com. e-mail:Â mtgsam@aol.com |
