Moody's Evaluates LoanCare Servicing
Moody's Investors Service has rated LoanCare Servicing Center with an "SQ3" rating as a primary servicer of prime credit quality home loans.
LoanCare, a wholly owned subsidiary of LandAmerica Financial Group, serviced a portfolio of 67,559 loans with an unpaid principal balance of $8.4 billion at the end of last year, representing a 68% growth by UPB from year-end 2004. Prime and alt-A loans account for 99% of the portfolio.
LoanCare expects to continue growing its servicing portfolio by about 35% in 2006.
The company's management team also plans to implement several technology enhancements to accommodate the company's growing portfolio.
The company's primary servicing operations are located in Norfolk, Va. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com