Specialized Loan Servicing LLC saw its second-lien servicer rating upgraded.
The company’s second-lien servicer quality rating was upgraded to SQ3 from SQ4+ by Moody’s Investors Service. The last upgrade was made a year ago.
Ratings range from a low of SQ5- to a high of SQ1+.
Moody’s said Specialized’s operational qualities are average, but its servicing stability assessment was upgraded from below average.
“The average servicing stability assessment reflects the increase in tenure under Shinsei Bank, Limited, since the acquisition of Specialized Loan Servicing LLC by Shinsei in September 2008,” Moody’s said. “The assessment also reflects Shinsei’s continued investment in the servicing platform as well as SLS’ continued portfolio growth.”
As of Oct. 31, Specialized serviced 158,000 loans for $10.9 billion. More than four-fifths of the servicing portfolio was nonprime second liens, while the rest was nonprime first liens.
Headcount at the Denver-based firm finished October at 461.
