During the review period, Quicken Loans enhanced its compliance and oversight processes which included a robust dashboard report for COVID-19 monitoring.The framework used in this analysis was "Servicer Quality Assessments for Servicers of Residential Mortgages" published in December 2019 and available at. The company maintains a solid technology infrastructure that consists of both vendor-based and proprietary applications. The corporate family rating for Quicken Loans, LLC is Ba1 with a positive outlook. During the review period, the company successfully implemented investor reporting changes necessitated by COVID-19.We view the company's servicing stability as average. The loan boarding process includes a new proprietary tool that reduces call volumes. Quicken Loans has a very high percentage of borrower payments received electronically.
During the review period, loans in foreclosure and REO were placed on hold to comply with regulatory moratoriums related to COVID-19.We view the company's loan administration function to be above average. Foreclosure timeline performance was average compared to peers. The company uses technology to track foreclosure and bankruptcy milestones as well as communication with attorneys. In addition, the company implemented a monthly forbearance check-in process to ensure borrowers remain engaged throughout the forbearance process.We view Quicken Loans' enforcement (foreclosure and REO timeline) abilities as average. Due to COVID-19, the company successfully implemented self-service options via its website for borrowers requesting assistance. Quicken Loans uses a proprietary loss mitigation underwriting tool for workout decisions. Power.We view the company's loss mitigation abilities as above average.
Quicken Loans has consistently been ranked highest for customer satisfaction among mortgage servicers by J.D. Although call center metrics for the company were stressed in March and April of 2020 due to COVID-19, the metrics normalized during subsequent months. The company's borrower outreach strategy includes both text and email messaging. The company's collection performance metrics were above average compared to peers. The company has solid technology as well as above average performance for default metrics.We view Quicken Loans' collection abilities as above average.
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As of December 31, 2020, Quicken Loans' servicing portfolio totaled $409.6 billion in unpaid principal balance.ASSESSMENT RATIONALEThe upgrade of Quicken Loans' SQ assessment is mainly driven by improvement in the company's financial stability.
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The company is an approved servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Residential Mortgage Servicer Assessment ActionNew York, Ap- Moody's Investors Service has upgraded the servicer quality (SQ) assessment for Quicken Loans, LLC (Quicken Loans) to SQ2- from SQ3+ as a primary servicer of prime residential mortgage loans.The company was founded in 1985 and is one of the largest overall US residential mortgage servicers. Announcement - Servicer: Moody's upgrades servicer quality (SQ) assessment for Quicken Loans, LLCGlobal Credit Research - U.S.
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