| The residential mortgage servicing industry data contained in Standard & Poor's Ratings Services inaugural Industry Spotlight Report was collected solely through our Servicer Evaluation Analytical Methodology (SEAM) data collection process. SEAM is a proprietary data collection and benchmarking methodology developed to collect, analyze, benchmark, and trend servicer performance data. We collect servicer performance data twice each year: Jan. 1-June 30 and July 1-Dec. 31. All residential loan servicers with Standard & Poor's rankings of AVERAGE or higher are listed on our Select Servicer List and are required to submit their servicer performance data according to the aforementioned semiannual schedule. For purposes of industry comparisons, the data used in this study was derived from the period Jan. 1, 2007, through June 30, 2007, and from the period July 1, 2007, through Sept. 30, 2007, unless otherwise indicated. The industry group used for data modeling in this spotlight report consists of approximately 91 servicers with rankings in the residential prime (GSE conforming, jumbo, and Alt-A product), subprime (loans for borrowers with FICO scores below 660 at origination), and
subordinate-lien (closed-end second-lien and HELOC) categories.
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