|The acquisition of a mortgage loan servicer by Fidelity National Financial Inc. prompted an immediate upgrade of its servicer rating.The prime servicer quality rating for LoanCare Servicing Center Inc. was raised to SQ3- from SQ4+, Moody’s Investors Service reported today. The ratings might be upgraded further.
Servicers are rated on a scale of one to five, with one being the strongest. Plus and minus signs further differentiate the ratings.
But yesterday’s acquisition of the Norfolk, Va.-based servicer by Fidelity has improved Moody’s servicing stability assessment of LoanCare. The upgraded rating reflects the potential benefits provided by the new parent.
LoanCare serviced $13.6 billion as of April 30, 2007.
back to current headlines