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| A servicer rating for U.S. Bank Home Mortgage Inc. has been upgraded.The company’s residential master servicer quality rating was increased to SQ3+ from SQ3 by Moody’s Investors Service, a news release today said.
Ratings range from SQ1 to SQ 5 — with SQ1 being the strongest. Plus and minus signs further differentiate ratings. Moody’s attributed the action to the seasoning and performance of the master servicing platform. Parent U.S. Bancorp’s overall financial performance amid the current market was also cited. The ratings agency explained that U.S. Bank utilizes SBO 2000 to shadow process monthly loan data and remittances. Moody’s also pointed to increased default monitoring staff. Other factors reflected in Moody’s decision were the servicer’s above-average reporting and remittance processes, average compliance and monitoring capabilities, and average servicing stability. The master servicer’s portfolio was 16,271 loans for $9 billion on Dec. 31, Moody’s said. |
