Freddie Mac is starting a new service for Servicers called Servicing Success Program. The intent and purpose is to find robust and balance in its approach to setting mortgage servicing performance expectations by providing feedback on servicer’s strength and weakness. Freddie Mac will do this by promoting a feedback to servicers on how to improve portfolio performance in order to preserve homeownership. The Servicing Success Program starts August 1, 2011 for all Freddie Mac servicers.
The Servicing Success Program evaluates a servicer’s performance through investor reporting, remitting and default management.
The purpose of the Servicing Success Program’s is to better align the Freddie Mac’s business objectives in the current mortgage industry tempo and help servicers more effectively assess their servicing performance progress.
The Servicing Success Program will provide the servicers with performance scorecards by performing loan file QC reviews. For the larger servicers individualized requirements and Servicing Account Plans that set objectives and goals to reduce costs and preserve homeownership.
The Servicing Success Program will have a new ranking system which will replace the traditional performance tiers. Servicers will be provided with a monthly ranking based on the performance points earned the prior month so performance comparisons between competitors and be analyzed.
Quality Mortgage Services welcomes this new approach to servicing QC scoring and rewards. Quality Mortgage Services is available for custom servicing quality control solutions to fit any size servicer.