Fannie Mae has announced the third-quarter results of its Servicer Total Achievement and Rewards (STAR) program, which measures the performance of servicers with an emphasis on foreclosure prevention.
Under STAR, servicers are categorized into three peer groups based on the number of Fannie Mae loans they service and measured based on performance metrics and results from operational assessments across key business processes.
As of the end of the third quarter, the following servicers were on track to be at or above median performance in order to achieve at least a three-star rating for 2011:
- Peer group one (consisting of 11 servicers) – CitiMortgage Inc., Everbank, GMAC Mortgage LLC (Ally Bank) and Wells Fargo NA;
- Peer group two (consisting of nine servicers) – Aurora Bank FSB, Central Mortgage Co., Fifth Third Bank, The Huntington National Bank and Regions Bank; and
- Peer group three (consisting of 13 servicers) – American Home Mortgage Servicing Inc., Arvest Mortgage Co., Associated Bank NA, Capital One NA, Colonial Savings FA, Doral Bank, Manufacturers and Traders Trust Co., Nationwide Advantage Mortgage Co. and Navy Federal Credit Union.
JP Morgan Chase Bank NA and PHH Mortgage Corp., both peer group one servicers, and U.S. Bank NA, a peer group two servicer, showed improvements in STAR scorecard metrics measuring the volume of foreclosure alternatives provided to homeowners, Fannie Mae says. The improvement resulted in all three servicers achieving at or above the median performance level for the third-quarter measurement period.
Fannie Mae will publish its final 2011 STAR rating results in early 2012.