Fannie Mae Recognizes Top Performing Servicers with STAR Results

Fannie Mae Recognizes Top Performing Servicers with STAR Results

08/27/2013 BY: ESTHER CHO

The results are out for Fannie Mae’s program that recognizes top performing servicers.

Known as the Servicer Total Achievement and Rewards, or STAR, the program was created to establish servicing standards and acknowledge Fannie Mae servicers that stand out for their performance, customer service, and foreclosure prevention efforts, according to a release.

Only servicers with STAR scorecard results that are at or above median levels compared to those in their peer group receive recognition. Servicers were broken down into different peer groups based on portfolio composition and size. Servicers in peer group one have more than 215,000 Fannie Mae loans, group two has more than 75,000 loans, while group three has at least 500 seriously delinquent Fannie Mae loans.

Servicers recognized for the first half of 2013 in peer group one were Green Tree Servicing, Nationstar Mortgage, Ocwen Financial, PHH Mortgage, PNC Financial Services Group, Seterus, and Wells Fargo.

In peer group two, Fannie Mae gave a nod to Fifth Third Bank and Regions Bank.

Meanwhile, servicers acknowledged in the third group were Capital One, Colonial Savings, M&T Bank, Navy Federal Credit Union, Sovereign Bank, and Third Federal Savings and Loan.

For the first time, the 2013 midyear results also included key metrics 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, SVP 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 ourSTAR assessment process so the industry can more easily identify and adopt best practices for the benefit of homeowners.”

The specific metrics used to examine performance and foreclosure prevention results were ability to assist 90-plus delinquent borrowers; efficiency when helping borrowers retain their homes; and liquidation efficiency when handling short sales and deeds-in-lieu.

Among those three metrics, Fannie Mae recognized servicers who showed leading performance when compared to their peer groups.

Three servicers were recognized for their ability to handle 90-plus delinquent accounts: Seterus, Regions Bank, and Branch Banking & Trust Company.

Seterus also stood out for retention efficiency, along with OneWest Bank and Colonial Savings.

The servicers that were acknowledged for liquidation efficiency were GreenTree Servicing, Fifth Third Bank, and Navy Federal Credit Union.

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