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A New Method For Assessing Mortgage Servicers Gauges Foreclosure Speeds And The Success Of Loan Modifications Jan 12
Standard & Poors, Jan 2012
Abstract
The continuing slump in the U.S. housing market has highlighted the crucial role of mortgage servicers, which administer all aspects of these loans--from collecting payments, to modifying troubled loans, to proceeding with foreclosures and property liquidations when borrowers default. Ultimately, a mortgage servicer's success from an investor perspective boils down to defaults within its portfolio of mortgages and the speed and volume of any recoveries it can achieve on those loans. While a number of factors beyond a servicer's control--including dips in the economy and various characteristics of the individual borrowers--make it difficult to predict defaults and recoveries directly, Standard & Poor's Rating Services' Global Surveillance Analytics team has developed a method for assessing a servicer's default management process. Investors...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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