Fannie Mae has recognized more than a dozen mortgage servicers for their operational excellence during the first half of this year by way of its Servicer Total Achievement and Rewards (STAR) program.
In order to earn this recognition, servicers must perform well in terms of specific operational metrics, including their 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; their ability to quickly and efficiently help borrowers avoid foreclosure and remain in their homes; and their ability to offer alternative solutions to foreclosure through short sales and mortgage release.
Servicers are measured relative to their peers and are divided into three ‘peer groups’ based on size. Lenders recognized as achieving outstanding operational performance in the first half are as follows:
- Peer Group One: Green Tree Servicing LLC, Nationstar Mortgage, Ocwen Financial Corp., PHH Mortgage Corp., PNC Financial Services Group Inc., Seterus Inc., and Wells Fargo Bank NA;
- Peer Group Two: Fifth Third Bank and Regions Bank; and
- Peer Group Three: Capital One NA, Colonial Savings, FA, M&T Bank Co., Navy Federal Credit Union, Sovereign Bank (a FSB), and Third Federal Savings and Loan.
In addition, some servicers were recognized for their superior performance with regard to specific metrics. Servicers recognized in the ’90+Days Delinquent to Better’ metric include Seterus Inc., Regions Bank, and Branch Banking & Trust Company. Servicers recognized in the ‘Retention Efficiency’ metric include Seterus, Inc., OneWest Bank FSB, and Colonial Savings, FA. Servicers recognized in the ‘Liquidation Efficiency’ metric include GreenTree Servicing LLC, Fifth Third Bank and Navy Federal Credit Union.
‘Our mortgage servicers' efforts are critical to keeping people in their homes, preventing foreclosures and stabilizing communities,’ says Leslie Peeler, senior vice president of Fannie Mae's National Servicing Organization. ‘With our expanded 2013 midyear 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.’
Peeler adds that Fannie Mae is ‘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.’
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