Servicer Evaluation: LoanCare LLC

S&P Global Ratings' ranking on LoanCare LLC (LoanCare) is ABOVE AVERAGE as a residential primary (prime) servicer. On Nov. 4, 2019, we affirmed the ranking (please see "LoanCare LLC ABOVE AVERAGE Residential Primary Servicer Ranking Affirmed; Outlook Is Stable," published Nov. 4, 2019). The outlook for the ranking is stable. Our ranking reflects: An experienced management team, along with competitive turnover metrics; A thorough training regimen; Multiple levels of internal controls that were recently augmented within its first line of defense; A sound technology environment that underwent improvements affecting customer service, loss mitigation, and other functional areas; Well-designed complaint and vendor management processes, the latter of which underwent some enhancements; Satisfactory servicing metrics that generally compare well against similar peers;

...+ A newly formed exam management group liaisons with clients and regulators for various matters. + Bilingual customer service functions are handled by internal staff versus a vendor. + LoanCare introduced speech analytics and enhanced/simplified its voice response unit application for easier customer execution. + A new segment of its website provides enhanced information for customers affected by natural disasters. + Borrowers may now access the status of their workout requests on the website. The outlook is stable. LoanCare continues to hire experienced personnel as the portfolio increases, while concurrently implementing improvements to the operation affecting technology, internal controls, and other areas. These varied developments should increase efficiencies and allow it to proactively service its customer base. We expect LoanCare to remain a competitive subservicer in the residential marketplace. In addition to conducting an on-site meeting with servicing management, our review includes...

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