Following Acquisition, LoanCare’s Subservicer Rating Rises

Posted by Orb Staff on June 15, 2009 No Comments
Categories : Mortgage Servicing

Ratings has upgraded the specialty servicer subservicer rating for LoanCare Servicing Center Inc. due to the company's [link=http://www.mortgageorb.com/e107_plugins/content/content.php?content.3527][u]recent acquisition[/u][/link] by Fidelity National Financial from LandAmerica Financial Group. In addition to having its subservicer rating upgraded from RPS4 to RPS3, LoanCare had its prime servicer rating withdrawn at RPS4 because the company does not service a sufficient number of loans to support the rating, Fitch says. LoanCare continues to make improvements and upgrades to its subservicing platform, as well as increase its staff training and retention programs, according to the rating agency. Based in Virginia Beach, Va., LoanCare has been subservicing since 1991 and accumulatively has had over 100 clients. As of May 31, LoanCare's portfolio had 95,102 loans totaling $13.6 billion. SOURCE: Fitch

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