Servicer Evaluation: LoanCare LLC

S&P Global Ratings' ranking on LoanCare LLC (LoanCare) is ABOVE AVERAGE as a residential primary (prime) servicer. On Oct. 27, 2020, we affirmed the ranking (please see "LoanCare LLC Residential Primary Servicer Ranking Affirmed At ABOVE AVERAGE; Outlook Stable"). The outlook for the ranking is stable. Our ranking reflects: An experienced management team and staff; The company's continuing efforts to further strengthen the organization by hiring experienced executives and augmenting personnel in different departments; A well-designed training regimen that was augmented for call center staff instruction; A sound technology environment; The comprehensive internal control environment that includes certain supplemental areas that assist in overseeing various aspects of the organization; Improved quality control (QC) and internal audit (IA) report results, most

...+ Analysts in the service provider oversight group are assigned specific vendors to liaison with and oversee. + The company outsourced property tax payment functions to a vendor. + The company implemented customer service enhancements, including more skills-based routing and a dedicated team to handle repeat callers. + Collection personnel were merged with the loss mitigation call center to create a centralized default contact area. + Loss mitigation converted to a new workout system. + The bankruptcy department transitioned administrative functions to a vendor, so staff now serve in an oversight role. The outlook on the ranking is stable. LoanCare demonstrates mainly competitive servicing metrics and continues to enhance its operation. The internal control environment has improved over the past few years and audit/QC results reflect mainly satisfactory results. We expect LoanCare to remain a proficient residential subservicer. In addition to conducting a virtual meeting with servicing...

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