FCI Passes Audit, Receives Special Servicer Ranking
Private money firm FCI Lender Services, Anaheim Hills, Calif., has passed a SOC 1/Statement on Standards Attestation Engagements No. 16 “superaudit” of service organization controls and become a ranked special servicer, according to an executive at the company.
Both moves are significant in that they distinguish the company, according to Gordon Albrecht, EVP/chief strategy officer at FCI. He told this publication only about half of specialty servicers have received rankings.
Morningstar has assigned the company, which had about a $1.9 billion special servicing portfolio at the end of 2012, a MOR RS3 operational risk assessment ranking. The company also received a favorable forecast as a residential mortgage special servicer from Morningstar.
The ranking is based on management’s tenure and experience, the company’s risk controls and its proprietary web portal for investors. It also is based on the company’s transparent online fee schedule, security, disaster recovery resources, and its SOC1 (SSAE 1) audit conducted by a third party.
In addition the assessment took into account FCI’s capacity, training, performance metrics, and other operational controls.