NEW YORK, March 14, 2016 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned its 'MOR RV3' residential vendor ranking to Summit Valuations, LLC (Summit) as a residential vendor in the asset valuation market. Morningstar's forecast for the ranking is Stable.
The assigned ranking reflects Morningstar's assessment of Summit's operational infrastructure and client-driven performance results in its duties as a residential vendor producing asset valuations. The Stable forecast for the residential vendor ranking reflects the company's highly automated technology environment, satisfactory operational controls that include an effective quality-control environment for ensuring that work orders comply with customer requirements, and a robust, reviewer-based vendor oversight program for selecting, vetting, and managing vendor performance.
During the past year, Summit improved its finance and accounting processes, enhanced its product offerings, expanded its information technology capabilities, and upgraded its internal training and continuing-education system to further strengthen the quality of its valuation reports. The company has developed comprehensive vendor-selection criteria and scorecards that effectively measure vendor performance as reflected in its execution of service-level agreements with its customers. Summit's technology platform provides the company with a system that embeds comprehensive quality-assurance standards internally as well as the flexibility to customize work orders pursuant to customer requirements. Additionally, the technology provides a comprehensive rating system for evaluating the quality of work by both external vendors and internal quality-assurance staff. Summit has developed enterprise-wide policies and procedures to ensure the consistent application of company practices. The company emphasizes a training and continuing-education culture, commensurate with the size of the organization, designed to provide advancement opportunities for staff and management while minimizing turnover. Summit's flexible business model and technology provide the company with a platform to help pursue opportunistic market growth and a diversified business strategy.
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Morningstar Credit Ratings, LLC is a nationally recognized statistical rating organization (NRSRO) offering a wide array of services including new-issue ratings and analysis, operational risk assessments, surveillance services, data, and technology solutions.
Morningstar Credit Ratings, LLC is a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research in North America, Europe, Australia, and Asia.
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Morningstar rankings, forecasts, and assessments contained in this press release are not assessments of the creditworthiness of an obligor or a security and thus are not credit ratings subject to NRSRO regulations.
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