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| The acquisition of a mortgage loan servicer by Fidelity National Financial Inc. prompted an immediate upgrade of its servicer rating.The prime servicer quality rating for LoanCare Servicing Center Inc. was raised to SQ3- from SQ4+, Moody’s Investors Service reported today. The ratings might be upgraded further.
Servicers are rated on a scale of one to five, with one being the strongest. Plus and minus signs further differentiate the ratings. Moody’s lowered the rating from SQ3 in January, citing the Chapter 11 bankruptcy filing of former parent LandAmerica Financial Group Inc. on Nov. 26. But yesterday’s acquisition of the Norfolk, Va.-based servicer by Fidelity has improved Moody’s servicing stability assessment of LoanCare. The upgraded rating reflects the potential benefits provided by the new parent. LoanCare serviced $13.6 billion as of April 30, 2007. |
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