LoanCare Servicing Upgraded
Fitch Ratings has upgraded LoanCare Servicing Center's residential primary servicer rating to "RPS3" from "RPS3-" citing LoanCare's capable management team, effective loan administration procedures and improved formal training program for the upgrade. The ratings also reflect the strengths of LoanCare's parent, LandAmerica Financial Group.
At the end of last year, LoanCare serviced 67,668 loans totaling almost $8.4 billion, an increase of 64% from one year earlier. LoanCare projects that it will reach 90,000 loans by the end of this year, Fitch said.
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