Award-winning Servicer Assigned Highest Vendor Ranking with a Forecast for the Ranking of Stable
San Diego, CA – April 11, 2017 – First Associates Loan Servicing, the nation’s fastest growing loan servicer, announced today that the company has been assigned a MOR RV1 Residential Vendor Ranking as a Consumer Finance Servicer from Morningstar Credit Ratings, LLC, New York with a forecast of stable.
First Associates Loan Servicing is the leading loan servicer in the online lending industry with more than 30 years of experience. The company services a wide assortment of debt obligations including unsecured consumer loans, purchase finance loans and leases, auto loans, powersports loans, student loans, solar energy loans, elective medical procedure financing, and small business loans. The company was recently named Top Service Provider at the prestigious LendIt Industry Awards in New York.
The Morningstar ranking included a number of findings, including:
- First Associates pervasive enterprise risk management culture that consists of consumer finance compliance protocols, internal audit, self-risk assessment protocols, quality assurance, call monitoring scoring and feedback, and a robust vendor management oversight program. An extensive training and compliance curriculum promotes both a new hire and continuous learning environment. Comprehensive policies and procedures serve to ensure that employees perform their responsibilities in accordance with industry best practices.
- The company engages a third-party auditing firm to produce a SOC 1 audit report on an annual basis. The most recent report completed in 2016 revealed no significant findings.
- The effectiveness of First Associates servicing platform is evidenced by above-average call center metrics, portfolio volume growth, strong client diversity and minimal client turnover.
- First Associates benefits from a solid technology environment that includes a third-party consumer finance servicing system, a well-defined project management process, effective network security protocols, and a disaster recovery and business continuity plan that leverages the company’s cloud-based infrastructure and multiple office locations for geographic data redundancy and processing.
“We are extremely pleased with Morningstar’s assessment of First Associates. We believe that the MOR RV1 ranking, the highest ranking available, is a direct reflection of First Associates’ commitment to excellence across its business” said David Johnson, CEO of First Associates. “Morningstar’s review of First Associates’ operational risk mitigation, robust compliance processes and industry leading technology deployment brings sets a new bar for operational excellence in loan servicing.”
About First Associates Loan Servicing, LLC
Based in San Diego, First Associates Loan Servicing is the fastest growing third-party loan and lease servicer in the United States. The company offers a wide range of solutions for a variety of asset classes including marketplace lending, automotive, motorsports, business, retail purchase finance, solar, timeshare and student loans. First Associates has experienced management and staff, full SSAE 16 II audit, best-in-class IT infrastructure, as well as strong institutional relationships with commercial and investment banks, finance companies, investment funds and credit unions. First Associates Loan Servicing leads the consumer finance industry in providing customized technology and customer service solutions for its partners. For more information, please visit www.1stassociates.com.
# # #