VIRGINIA
BEACH, Va., April 15,
2024 /PRNewswire/ -- LoanCare®, LLC, a top
U.S. mortgage subservicer, announced today that Fitch Ratings has
assigned the company the U.S. residential primary servicer for
specialty Closed-End Second Lien products rating of RPS2+; Outlook
Stable. In addition, Fitch affirmed LoanCare's U.S. residential
primary servicer for Prime product and specialty subservicer
ratings at RPS2+ in 2023, reflecting the company's strong focus on
advancing processes and providing subservicing
excellence.
The rating validates LoanCare's comprehensive understanding of
the complexities involved in servicing home equity lines of credit
(HELOC). Due to the added requirements in second lien operations,
knowing what's required for statements, ensuring interest
calculations are accurate, and managing onboarding setup is
critical. For customers, it's about educating them on the options
and then providing the support tools they need to successfully
manage the various scenarios. For clients, it's about maximizing
the return on their investment in HELOCs. From robust lien, credit
and equity monitoring to vigorous fraud and regulatory
controls that are best managed by a team of HELOC specialists,
LoanCare delivers consistently outstanding service.
"LoanCare has consistently invested in technology and training
to enable superior customer service and seamless, compliant HELOC
management. Flexible draw, variable rates, promotional rates – our
mortgage servicing platform (MSP) handles it all," said
Dave Worrall, President of LoanCare.
"In today's high interest rate environment, lenders are looking for
quality, compliant and cost effective servicing support for home
equity lines of credit, second liens, and construction loans. We
have the technology, processes, and people in place to support
these products and more."
Fitch Ratings is a prominent rating agency that evaluates the
viability of investments concerning the probability of default. Its
residential mortgage servicing oversight and ratings are based on a
variety of factors such as a company's management, financial
conditions, corporate governance, loan administration, defaulted
and nonperforming loan management, and technology.
About LoanCare
LoanCare® is a leading provider of
full-service mortgage loan subservicing, including special loans,
white label, and marketing services. The award-winning company is
known for delivering a superior customer experience through
personalization and convenience. Its proprietary portfolio
management platform, LoanCare Analytics™, identifies risk and
opportunity quickly to enable smarter decision-making across the
servicing spectrum. For 40 years, LoanCare has been servicing loans
for banks, credit unions, independent mortgage companies, and
portfolio investors. LoanCare is part of Fidelity National
Financial (NYSE: FNF), a Fortune 500 company and leading
provider of title insurance and transaction services to the real
estate and mortgage industries. For more information,
visit loancare.com.
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SOURCE LoanCare
