Moody's Affirms SN Servicing Corp
Moody's Investors Service has affirmed SN Servicing's servicer quality rating of "SQ2" as a primary servicer of subprime loans and "SQ3" as a special servcier of residential mortgage loans.
SN is a wholly owned subsidiary of Security National Master Holding Co.
Security National Master Holding's core business is purchasing and securitizing distressed residential and small-balance commercial mortgage loans. The company's residential servicing portfolio totaled $925 million as of Dec. 31, 2004.
The majority of the company's portfolio consists of subprime senior liens, some of which have high loan-to-value ratios, Moody's said.
SN typically purchases loans from banks, mortgage originators and other servicers. Security National does not originate loans or perform third-party servicing.
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