VIRGINIA BEACH, Va., May 22, 2018 /PRNewswire/ -- LoanCare announced today that its primary servicer and specialty subservicer ratings have been upgraded by Fitch Ratings. The primary servicer rating for prime product has been upgraded to 'RPS2' from 'RPS2-' and the specialty subservicer rating has been upgraded to 'RPS2' from 'RPS2-' – both with a stable outlook.
Fitch cites LoanCare's "enhanced risk management controls, continued investments in systems, staffing, recruitment, and technology, and its well managed growth." The ratings also reflect the financial strength of LoanCare's ultimate parent company, Fidelity National Financial, Inc., rated 'BBB+' Outlook Stable by Fitch on Nov. 20, 2017.
"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 by doubling its loan portfolio in the past two years, the enhancements to its corporate governance framework including the 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.
LoanCare is one of the top three providers of 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. Presently, 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. To learn more about LoanCare, please visit https://www.loancareservicing.com/.