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89
VIRGINIA
Fitch Upgrades
LoanCare's Servicer
Ratings
Virginia-based servicer LoanCare
recently announced that its primary servicer
and specialty subservicer ratings were
upgraded by Fitch Ratings. e servicer's
primary servicer rating for its prime product
was upgraded to 'RPS2' from 'RPS2-' while
its specialty subservicer rating was upgraded
to RPS2' from 'RPS2-. Both the products
have received a stable outlook from Fitch
Ratings.
Fitch cites LoanCare's "enhanced risk-
management controls, continued invest-
ments in systems, staffing, recruitment, and
technology, and its well-managed growth"
for the upgraded ratings. e ratings also
reflect the financial strength of LoanCare's
parent company, Fidelity National Financial,
Inc., which was rated 'BBB+' Outlook Stable
by Fitch on November 20, 2017.
LoanCare provides full service, subser-
vicing, and interim subservicing to the mort-
gage industry and is also leading the industry
in engineering agile technology solutions
to provide a superior consumer experience.
Currently, LoanCare subservices more than
1.2 million loans in all 50 states, approximat-
ing $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.
"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 continu-
ally strengthening our systems, technology,
and staff in support of our philosophy of Ser-
vice 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 port-
folio growth that was achieved by doubling
its loan portfolio in the past two years, the
enhancements to its corporate governance
framework, including 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.
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