New York, November 27, 2012 -- Moody's has assigned EverBank the servicer quality ("SQ") assessment of SQ3+ as a Primary Servicer of prime loans. The assessment is based on above average collections, average loss mitigation, above average foreclosure and REO timeline, and average servicing stability.
EverBank, a federal savings association, is a subsidiary of EverBank Financial Corp and includes the mortgage origination and servicing platforms.
As of 30 September 2012, EverBank's residential mortgage servicing portfolio contained 388,800 loans with an unpaid principal balance of around $52.3 billion.
The company maintains solid collections processes and technology, and demonstrates strong collection roll rate performance when compared to those of peers. While EverBank's overall call center metrics were positive, the call center experienced a temporary spike in the level of abandoned calls, and a decrease in outbound calls, in January 2012 due to the transition of staff during the implementation of the single point of contact program.
Beyond the introduction of single points of contact, or relationship managers, EverBank's loss mitigation group has continued to significantly increase its staff. For the small non-GSE portion of its servicing portfolio, EverBank, however, offers fewer proprietary loss mitigation programs and completed a lower level of modifications on non-GSE loans during the review period than the majority of its peers.
At the time of this review, EverBank was outsourcing its foreclosure, bankruptcy and REO functions, but was in the process of bringing foreclosure and bankruptcy inhouse. EverBank demonstrated above average foreclosure and REO timeline management relative to those of its peers.
EverBank's corporate parent, EverBank Financial Corp. is a publicly traded company, with approximately 49% of the company owned by its board of directors and senior management. EverBank's servicing operation has a tenured management team, solid technology infrastructure and the Bank makes wide use of key performance indicators in the oversight of critical processes.
Moody's SQ assessments represent its view of a servicer's ability to prevent or mitigate asset pool losses across changing markets. The assessment scale ranges from SQ1 (strong) to SQ5 (weak). Where appropriate, a "+" or "-" modifier will be appended to the relevant assessment to indicate a servicer's relative servicing quality within a particular category. Moody's servicer assessments are differentiated in the marketplace by focusing on performance management. SQ assessments for U.S. residential mortgage servicers incorporate assessments of delinquency transition rates, foreclosure timeline management, loan cure rates, recoveries, loan resolution outcomes, and REO management -- all critical indicators of a servicer's ability to maximize returns from mortgage portfolios.
Moody's servicer assessments also consider the company's ability to maintain its focus on high quality servicing in an economic downturn. Servicing operations can be stressed by increasing the number of delinquent loans while at the same time increasing the need for liquidity. The SQ assessment reflects our expectation of the impact that the servicing will have on the on-going credit performance of the portfolio. For this reason, Moody's monitors SQ assessments based on periodic information provided by servicers and conducts a formal re-evaluation of its servicer assessments annually.
The methodologies used in this assessment were "Moody's Approach to Rating Residential Mortgage Servicers" published in January 2001, and "Updated Moody's Servicer Quality Rating Scale and Definitions" published in May 2005. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.
Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Gene BermanAsst Vice President - Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 William E Fricke VP - Senior Credit Officer Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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