Mortgage Daily

Published On: July 1, 2009
LoanCare Servicer Rating UpgradedMoody’s upgrades to SQ3+

July 1, 2009

By MortgageDaily.com staff

For the second time in less than 30 days, Moody’s Investors Service upgraded the servicer rating of LoanCare Servicing Center Inc.

LoanCare’s residential servicer quality rating was raised to SQ3+ from SQ3-, an announcement Tuesday said. The best possible rating is SQ1+, while the lowest rating is SQ5-.

The upgrade followed a June 3 upgrade by Moody’s immediately after the acquisition of the Virginia Beach, Va.-based servicer by Fidelity National Financial Inc.

The latest action was prompted by improved collection and loss mitigation assessments, Moody’s said. Also cited were average foreclosure and REO timelines and average servicer stability.

LoanCare serviced 95,102 loans for $13.6 billion as of May 31.

Headcount stood at 202 associates as of the end of May. Moody’s said it will “positively view proactive monitoring of staffing levels to mitigate potential service level variances.”


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