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CenterOne News
| World Omni Financial STRONG Servicer Ranking Affirmed JMF.XX |
Standard & Poor's Ratings Services today affirmed its STRONG ranking on World Omni Financial Corp./CenterOne Financial Services LLC (WO/CO), a wholly owned subsidiary of JM Family Enterprises Inc., located in Deerfield Beach, Fla., as a consumer finance- automobile loan and lease servicer.
The affirmation of the ranking is based on WO/CO's highly experienced management team, strong internal controls and risk management environment, high level of automation, thorough policies and procedures, excellent training regimen, demonstrated default and asset management expertise, and successful execution of strategic business initiatives. In addition, WO/CO provided metrics through Standard & Poor's Servicer Evaluation Analytical Methodology (SEAM) questionnaire. The company's telephony statistics compare favorably to industry standards, and delinquency statistics align with closed-end automobile loan statistics reported by the American Bankers Association's (ABA) Consumer Credit Delinquency Fourth Quarter 2007 Bulletin.
WO/CO continues to enhance its servicing operations through a number of initiatives that include telephony upgrades, reengineering workflows and processes, Web site enhancements, and customer experience enrichments. WO/CO maintains a myriad of managerial reports to monitor its servicing operations and the company continues to search for alternatives to strengthen its controls. WO/CO's strategic business initiatives, experienced management team, solid level of automation, default and asset management expertise, and persistent improvement in its operating efficiencies through investments in technology enable the company to effectively minimize portfolio risk and maintain sound internal controls and servicing practices.
Outlook
The outlook is stable. Management is committed to continuously improve the company's performance and profits by effectively managing its automobile loan and lease portfolio. Capitalizing on management experience, dynamic level of automation, and sound internal controls enables WO/CO to execute its servicing strategy. The company also leverages its servicing capacity by providing third- party servicing of automobile loans and leases. WO/CO expects its servicing volume to grow, including its third-party servicing business. Standard & Poor's believes that WO/CO will continue to be a highly competent automobile loan and lease servicer.
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