Moody's Upgrades Specialized Loan Servicing's SQ Assessments
October 27, 2016
Moody's Investors Service has upgraded the servicer quality ("SQ") assessments of Specialized Loan Servicing, LLC ("SLS") from SQ3+ to SQ2- as a primary servicer of subprime residential mortgage loans and as a Special Servicer of residential mortgage loans. We also upgraded SLS's SQ assessment as a primary servicer of second lien residential mortgages from SQ2- to SQ2.
The subprime and special servicer assessments are based on the company's above average subprime collection abilities, above average loss mitigation results, above average foreclosure and REO timeline management, above average loan administration abilities, and average servicing stability. The second lien assessment is based on the company's above average collection abilities, above average loss mitigation results, above average loan administration abilities, and average servicing stability.
Our upgrades to SLS's servicer quality assessments are based on the company's improved collections and loss mitigation metrics and its strong performance in foreclosure and REO timeline management, resulting from SLS's continued investments in technology, staffing and servicing infrastructure.
The company's servicing portfolio totaled approximately 364,760 loans for an unpaid principal of $51.0 billion as of 30 June 2016. SLS employed 1,300 full time servicing associates as of 30 June 2016.
SLS is a majority-owned subsidiary of Computershare Limited, a global financial services provider for the global securities industry. SLS operates servicing sites in Denver and Phoenix.
See full announcement from Moody’s here.