SPS's SQ Ratings Affirmed by Moody's
Moody's has affirmed the primary and special servicer ratings of Select Portfolio Servicing at a rating of "SQ2-."
Moody's said the servicer quality ratings reflect average collection abilities, above-average loss mitigation results, above-average timeline management and above-average servicing stability.
SPS, formerly known as Fairbanks Capital, is now owned by Credit Suisse (USA). The company provides servicing for third parties as well as for collateral underwritten by Credit Suisse.
Moody's said that SPS has continued to improve its processes since its last servicing review. To enhance customer service on newly boarded loans, Moody's noted that SPS has set up a blended customer service and collections environment. The company also recently rolled out a proprietary loss mitigation module, SelectPlus, to analyze seriously delinquent loans.
Headquartered in Salt Lake City with offices in Jacksonville, Fla., SPS serviced $23.9 billion in residential mortgage loans as of May 31, 2006, Moody's said.
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