Virginia-based servicer, LoanCare, recently announced that its primary servicer and specialty subservicer ratings were upgraded by Fitch Ratings. The servicer's primary servicer rating for its prime product was upgraded to ‘RPS2’ from ‘RPS2-’ while its specialty subservicer rating was upgraded to RPS2’ from ‘RPS2-. Both the products have received a stable outlook from Fitch Ratings.
Fitch cites LoanCare’s “enhanced risk management controls, continued investments in systems, staffing, recruitment, and technology, and its well managed growth” for the upgraded ratings. The ratings also reflect the financial strength of LoanCare’s parent company, Fidelity National Financial, Inc., which was rated ‘BBB+’ Outlook Stable by Fitch on November 20, 2017.
LoanCare provides full service, subservicing, and interim subservicing to the mortgage industry and is also leading the industry in engineering agile technology solutions to provide a superior consumer experience. Currently, LoanCare subservices more than 1.2 million loans in all 50 states, approximating $244 billion in loan balances. LoanCare has a seasoned loan servicing team with senior managers averaging nearly 30 years of experience in the mortgage and financial services industry.
“On behalf of LoanCare, we are proud that Fitch has upgraded our ratings,” said Dave Worrall, President of LoanCare. “Our team at LoanCare is committed to continually strengthening our systems, technology, and staff, in support of our philosophy of Service that Exceeds Expectations. Our culture ensures that we are constantly building the best technology and working on new ways to provide the best service and compliance for our customers.”
Fitch also acknowledged LoanCare’s experienced management team, strong portfolio growth that was achieved by doubling its loan portfolio in the past two years, the enhancements to its corporate governance framework including creation of a seven-member internal audit team led by Karen Bell, and continued performance in the light of increasing costs related to regulatory guidelines and changes.