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Fannie Mae Recognizes Top Servicers

NationalMortgageProfessional.com
Aug 28, 2013

Fannie Mae has announced Servicer Total Achievement and Rewards (STAR) Program results for the first half of 2013. STAR was created to establish servicing standards and recognize Fannie Mae servicers on their overall performance, customer service and foreclosure prevention efforts. The program measures servicers across key operational and performance areas relative to their peers, and acknowledges their achievement through STAR designations. For the first time, the mid-year results also provide increased insight into the key metrics used to measure servicer performance and foreclosure prevention efforts. “Our mortgage servicers’ efforts are critical to keeping people in their homes, preventing foreclosures and stabilizing communities,” said Leslie Peeler, senior vice president of Fannie Mae’s National Servicing Organization. “With our expanded 2013 mid-year assessment, we continue to recognize servicers that are on track to meet overall performance scorecard goals while also recognizing more servicers that are top performers in specific operational areas. We are working hard to share more information regarding our STAR assessment process so the industry can more easily identify and adopt best practices for the benefit of homeowners.” For overall performance, the following servicers produced results on the STAR Scorecard at or above median levels relative to their peers for the first half of 2013: ►Peer Group One: Green Tree Servicing LLC, Nationstar Mortgage, Ocwen Financial Corporation, PHH Mortgage Corporation, PNC Financial Services Group Inc., Seterus Inc., and Wells Fargo Bank NA ►Peer Group Two: Fifth Third Bank and Regions Bank ►Peer Group Three: Capital One NA, Colonial Savings FA, M&T Bank, Navy Federal Credit Union, Sovereign Bank, and Third Federal Savings and Loan Specific operational metrics driving overall servicer performance and foreclosure prevention results include: ►90+ Days Delinquent to Better: Servicers’ ability to reach out and assist borrowers that are 90 days or more behind on their mortgage with a solution to improve their payment status. ►Retention Efficiency: Servicers’ ability to quickly and efficiently help borrowers avoid foreclosure and remain in their homes. ►Liquidation Efficiency: Servicers’ ability to offer alternative solutions to foreclosure through short sales and mortgage release. In order for a servicer to be successful in the Fannie Mae STAR Program, they must be effective in these core functions. The STAR program would like to recognize the following servicers for demonstrating leading performance at the top of each peer group for these key metrics: ►90+Days Delinquent to Better: Seterus Inc., Regions Bank, Branch Banking & Trust Company ►Retention Efficiency: Seterus Inc., OneWest Bank FSB and Colonial Savings FA ►Liquidation Efficiency: GreenTree Servicing LLC, Fifth Third Bank and Navy Federal Credit Union
Published
Aug 28, 2013
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