Morningstar Credit Ratings, LLC Assigns 'MOR RV2' Residential Vendor Ranking for SingleSource Property Solutions, LLC as a Residential Vendor for Asset Valuation
NEW YORK, Feb. 17, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned its 'MOR RV2' residential vendor ranking for SingleSource Property Solutions, LLC as a residential vendor in the asset valuation market. The assigned ranking has a forecast of Stable and is based on the following factors:
- Operational stability: SingleSource has 10 years of operational history and is led by a highly tenured management team with significant relevant industry experience and minimal turnover. The company effectively uses its proprietary technology platform to perform extensive data validation and vendor performance scoring and to provide feedback. The platform also provides the necessary flexibility to expand the company's product base.
- Client-driven performance results: SingleSource has developed a continuous performance monitoring and reporting infrastructure to best execute service-level agreements for clients. Client-specific guidelines embedded in the technology workflow minimize errors on work orders, and multiple quality assurance levels have resulted in above-average performance results for customers.
- Fully integrated technology environment: Morningstar believes SingleSource has an effective technology architecture and systems infrastructure that supports its products and services and is fully scalable commensurate with business goals. The company's technology infrastructure provides the necessary performance management tools critical to monitoring and delivering services to clients as outlined in service-level agreements. Additionally, the company's technology architecture performs extensive data validation checks on all work orders and provides a rating system to evaluate vendors and internal quality assurance analysts. The company also has a satisfactory business continuity plan in place, which relies on a local recovery site as well as the capability of employees working remotely.
- Risk management: In Morningstar's view, SingleSource has sound internal controls across the enterprise. These controls include, but are not limited to, effective training programs, comprehensive procedures, continuous performance monitoring and review, internal risk assessment methodologies, and performance monitoring. A Statement on Standards for Attestation Engagements No.16, Reporting on Controls at a Service Organization (SOC 1), is conducted annually by an external firm.
- Effective training programs: Morningstar has a positive opinion of SingleSource's effective training regimen for new and tenured employees that benefits from a blend of internal and external training solutions. The syllabus offers training for employees and subcontractors in relevant government regulations as well as product-specific training in company processes and applicable technology. New-hire training and on-the-job mentoring may last up to four weeks, and there are periodic reviews of policies and procedures for training purposes. Morningstar believes SingleSource has the required training infrastructure, staff, and resources commensurate with the size of its organization.
- Comprehensive policies and procedures: In Morningstar's view, SingleSource has comprehensive policies and procedures that incorporate workflow-specific processes and descriptive narrative. Operational area teams write the policy and procedure documents using a consistent format, and SingleSource's proprietary technology system automatically generates updates. Senior management periodically undertakes a formal review of policies and procedures. Lastly, policy and procedure documents are housed within the company's proprietary technology platform and are available to employees across the enterprise.
The forecast for the ranking is Stable. Morningstar believes SingleSource is fully capable of serving as an effective residential vendor in the asset valuation market for a wide variety of financial institution clients. The Stable forecast is based on Morningstar's view that SingleSource will maintain organizational stability and provide high-quality service and above-average performance to its clients. Additionally, SingleSource's flexible technology environment, quality assurance methodologies, above-average customer performance results, and highly experienced management team should position the company well for continued growth and market expansion.
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 noncredit 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 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 14 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 investment advisory subsidiaries and had approximately $170 billion in assets under advisement and management as of Dec. 31, 2014. The company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO, and its credit ratings on corporate issuers are not NRSRO credit ratings.
©2015 Morningstar, Inc. All Rights Reserved.
MORN-R
Media Contact:
Michelle Weiss, +1 267-960-6014 or [email protected]
SOURCE Morningstar, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article