LoanCare Obtains Servicer Rating
Fitch Ratings has assigned a primary residential servicer rating of "RPS3-" to LoanCare Servicing Center.
Fitch credited the company's tenured management team and effective loan administration processes and procedures in its rating announcement. Fitch said the rating also reflects the financial strength of LoanCare's parent, LandAmerica Financial Group, which is rated "BBB" by Fitch.
LoanCare is based in Norfolk, Va., and performs third-party servicing for various financial entities throughout the U.S.
The company began operations in 1983 as Essex Home Mortgage Servicing and primarily serviced loans for its parent, Essex Bancorp. The company shifted its strategy to third-party subservicing in 1991 and subsequently changed its name to LoanCare in October 2001.
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