Skip to main content

New Freddie Mac Program Launched to Enhance Servicer Relationships

NationalMortgageProfessional.com
Jul 26, 2011

Freddie Mac has announced its Servicing Success Program, an approach that the government-sponsored enterprise (GSE) finds robust and balanced in its approach to setting performance expectations, providing feedback on servicer strengths and weaknesses, and promoting a dialogue with servicers to improve portfolio performance and preserve homeownership. The Servicing Success Program is scheduled to take effect for all Freddie Mac servicers on Aug. 1, 2011. The Program evaluates servicer performance in investor reporting and remitting and default management. The Servicing Success Program's performance criteria are designed to better align with Freddie Mac business objectives in the current environment and help servicers more effectively assess their progress. The Servicing Success Program combines a servicer scorecard and loan file reviews plus, for larger servicers, individualized requirements and Servicing Account Plans that set objectives and goals to reduce costs and preserve homeownership. "Today's announcement marks the beginning of a significant advance in the scope and sophistication of servicer performance management," said Tracy Mooney, senior vice president of single-family servicing and real estate-owned (REO) properties for Freddie Mac. "The robust, balanced approach we are launching in 2011 underscores Freddie Mac's commitment to invest in the future of U.S. homeownership by strengthening servicing practices and enabling servicers to more effectively preserve homeownership." A new ranking system will be tied to the Servicing Success Program's criteria and weightings which will replace Freddie Mac's traditional performance tiers. Freddie Mac will now provide each servicer with a monthly ranking based on the performance points it earned the prior month so it can see its overall performance relative to its competitors. Before the close of 2011, Freddie Mac plans to announce a companion Servicer Success Rewards and Remedies component that will integrate the Servicing Success Program with the Servicing Alignment Initiative Freddie Mac is undertaking with Fannie Mae at the direction of the Federal Housing Finance Agency (FHFA).
Published
Jul 26, 2011
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022