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Option One Also Affirmed

Moody's Investors Service has reaffirmed Option One Mortgage Corp.'s top rating as a primary servicer of residential subprime mortgage loans.

In addition to affirming the "SQ1" rating for subprime, Moody's also affirmed the company's "SQ2" rating as a special servicer of residential mortgage loans.

Moody's said the ratings reflect Option One's "overall effectiveness in controlling losses on its portfolio."

H&R Block purchased Option One in 1997, and it has since become an integral part of the corporation's mortgage operations.

As of April, Option One serviced about $31 billion of residential mortgage loans, up from $10 billion a little more than three years earlier.

"Overall, Option One's servicing performance has resulted in low losses, driving the primary servicer of residential subprime mortgage loans rating of SQ1," Fitch said.

Last year, Option One opened a new servicing location in Jacksonville, Fla. Customer service, collections, loss mitigation, foreclosure, bankruptcy and payment processing activities operate from this site.

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