|Fidelity National Financial Inc. saw its new servicing subsidiary’s servicer rating upgraded by a second ratings agency.
Fidelity closed on its acquisition of LoanCare Servicing Center Inc. last week. The purchase was immediately followed by an upgrade to LoanCare’s prime servicer quality rating by Moody’s Investors Service.
Today, Fitch Ratings announced it upgraded the Virginia Beach, Va.-based firm’s primary specialty servicer subservicer rating to RPS3 from RPS4. The best possible rating is an RPS1+, and the worst rating is RPS5-.
Like Moody’s, Fitch cited the acquisition by Fidelity in its explanation for the action.
“The subservicer continues to make improvements and upgrades to its sub-servicing platform, increasing its staff training and retention programs, and recently hired a chief operating officer who will be reporting directly to the company’s president,” Fitch stated.
LoanCare serviced 95,102 loans for $13.6 billion as of May 31.
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