Morningstar Credit Ratings, LLC Affirms 'MOR RV1' Residential Vendor Rankings for Carrington Property Services for REO Asset Management and Single-Family Rental Property Management

Jul 22, 2015, 14:19 ET from Morningstar, Inc.

NEW YORK, July 22, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today affirmed its 'MOR RV1' residential vendor rankings for Carrington Property Services, LLC (CPS) as a real estate-owned (REO) asset manager and a single-family rental property manager. Morningstar's forecast for both rankings is Stable.

Morningstar's affirmed rankings reflect its assessment of CPS' operational infrastructure and client-driven performance results. The Stable forecast reflects a pervasive audit, quality-control, and compliance culture across the enterprise arising from a solid training regimen, comprehensive and client-driven policies and procedures, internal performance monitoring and reporting, and proactive vendor-management protocols. CPS management has developed a robust grading and score-card system to monitor and report the company's performance execution versus service-level agreements that enable senior management to manage capacity and workflow to meet or exceed client benchmarks. As a subsidiary of Carrington Holding Company, LLC, CPS is able to effectively leverage various corporate functions, such as accounting and finance, human resources, information technology, legal and compliance, risk management, and internal audit. Additionally, CPS benefits from an extensive performance history as a single-family rental property manager dating back to 2006. CPS has developed a national residential-property-manager footprint, managing more than 45,000 properties since inception and, in the process, developing a national property-manager network. CPS has created the requisite technology and infrastructure to serve as a master single-family rental property manager for a government-sponsored enterprise as well as third-party clients. 

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