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
