A business model that relies on lower-grade lending, wholesale production and securitization will draw careful scrutiny from Standard & Poor’s when the rating agency is evaluating the firm’s corporate borrowing risk profile. In a new research note on its criteria for rating non-depository mortgage lenders, S&P notes that mortgage companies are engaged in an inherently cyclical business, regardless of their corporate structure. Companies that specialize in high-risk, less liquid mortgage markets typically will not