S&P Names RCS To Subprime And Special Servicer Rankings

Posted by Orb Staff on May 13, 2009 No Comments
Categories : Mortgage Servicing

orth, Texas-based Residential Credit Solutions Inc. (RCS) has been assigned an ‘average’ ranking as a residential subprime servicer and special servicer by Standard & Poor's (S&P). S&P says RCS is well-situated to opportunistically bid on and/or subservice distressed assets. The agency adds that the firm's management has developed a comprehensive special servicing business plan, and the current market environment should offer opportunities for the acquisition of distressed assets in the next 18 months. S&P's rankings are based on multiple criteria, including tenured management, risk mitigation methodologies, due diligence and portfolio analytics, and an effective technology environment. Founded in December 2006, RCS currently manages approximately $1.3 billion in performing and nonperforming residential mortgage loans and has over 120 employees in offices in Fort Worth, Los Angeles and New York. RCS says it has established a proactive approach to loan administration and loss mitigation by limiting the caseload of each servicing professional and shortening response time to borrowers requesting workouts. SOURCE: Residential Credit So

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