|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 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 ofstaffing levels to mitigate potential service level variances.”
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