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SOURCE Morningstar, Inc.
NEW YORK, Jan. 2, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today raised its residential special servicer ranking for FCI Lender Services (FCI) to 'MOR RS2' from 'MOR RS3.' The forecast is Stable. The raised ranking is based on FCI's enhanced audit environment, introduction of a seasoned legal and compliance manager, and new proprietary technology enhancements to its servicing platform. In addition, FCI has a tenured management team, extensive business history as a specialty servicer, enhanced risk management methodologies and performance management capabilities, effective technology architecture, and solid loan administration servicer performance metrics.
Key factors in Morningstar's operational risk assessment of FCI are based on the following considerations:
FCI is a licensed debt collector in all 50 states and the District of Columbia, and has attained a Mortgage Loan Originator license in 45 states that allows the company to serve as a loan modification facilitator for its third-party clients. The company is an approved facilitator in the U.S. Department of the Treasury's Hardest Hit Fund program.
FCI employs approximately 70 individuals in its loan servicing operations located in Anaheim Hills, Calif. FCI provides standard loan servicing functions as a primary servicer, sub-servicer, or private label servicer for a wide variety of loan types including residential, commercial, consumer, construction, and manufactured housing loans. FCI also provides various servicing functions on a component or "a la carte" basis.
To access Morningstar's operational risk assessment methodology and all published reports, please visit https://ratingagency.morningstar.com.
About Morningstar Credit Ratings, LLC and Morningstar, Inc.
Morningstar Credit Ratings, LLC is a Nationally Recognized Statistical Rating Organization (NRSRO) that specializes in structured credit research and ratings, and offers a wide array of services including new-issue ratings and analysis, operational risk assessments, surveillance services, data, and technology solutions.
Morningstar Credit Ratings' rankings, forecasts, and assessments contained in this press release are evaluations and opinions of non-credit related risks, and therefore, are not credit ratings within the meaning of Section 3 of the Securities Exchange Act of 1934 ("Exchange Act") or credit ratings subject to the Exchange Act requirements and regulations promulgated thereunder with respect to credit ratings issued by NRSROs.
Morningstar Credit Ratings, LLC is a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research in North America, Europe, Australia, and Asia.
Morningstar, Inc. offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 437,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 10 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its registered investment advisor subsidiaries and has more than $176 billion in assets under advisement and management as of Sept. 30, 2013. The company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO and its credit ratings on corporate and municipal issuers are not NRSRO credit ratings.
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