The PMI Group Inc.'s principal operating subsidiary, PMI Mortgage Insurance Company, has announced the launch of its MODEL Servicer Program designed to recognize and reward high-performance mortgage servicers. "Since the beginning of the housing crisis, PMI has seen that the use of certain mortgage servicing best practices plays a central role in maximizing the level of home retention and achieving positive results for borrowers, communities and mortgage investors," said Chris Hovey, PMI SVP of servicing operations and loss management. "PMI believes servicers that have demonstrated effective use of these best practices deserve recognition for the positive impact they have in preserving homeownership in communities nationwide."
In order to be eligible for the program, servicers must exhibit superior foreclosure prevention results on PMI's "Servicer Scorecard." In addition, they will be asked to affirm that their operations substantially adhere to industry best practices as outlined in PMI's Best Practice Principles, which were developed in collaboration with mortgage servicing industry leaders.
"Our new MODEL Servicer Program is designed to recognize best-in-class servicers for the work they're doing to prevent foreclosures," said Hovey. "These servicers will receive multiple benefits to reward their excellent performance in sustaining homeownership."