Highly experienced, well-tenured senior management team; Required use of a nondelegated underwriting process; Thorough review of correspondents; and Better-than-average historical loan performance. Evolving business lines (exited wholesale channel in October 2013 and expanding retail business); Use of two loan origination systems (LOSs), which do not share any common elements or functions; and Elevated defect rates in recent quality control (QC) reviews. Standard&Poor's Ratings Services mortgage originator review (MOR) ranking on EverBank is ABOVE AVERAGE. We reviewed its origination process for prime residential mortgages, which includes conventional, government, and jumbo loans. The overall ABOVE AVERAGE ranking reflects our ABOVE AVERAGE qualitative subranking of EverBank's loan origination and underwriting process and our ABOVE AVERAGE quantitative subranking of the company's historical
