Fannie Mae Announces Third Quarter Servicer Results
Nearly half of Fannie Mae’s eligible servicersrnare on track to receive at least a three STAR rating for 2011. FanniernMae announced third quarter results for STAR, the Servicers Total Achievementrnand Rewards Program, which was established by Fannie Mae in February as arncomponent of its overall efforts to prevent foreclosures and stabilizernneighborhoods.</p
Sixteenrnof 33 servicers completed the third quarter in a position to be at the medianrnor above on STAR standards which Fannie Mae says lay out clear expectations forrnservicer performance and provide consistent measurements of thatrnperformance. The Servicer PerformancernScorecard, a key component of STAR, provides monthly performance snapshots andrntrends for key performance indicators to help servicers effectively assessrntheir progress. Servicers who score wellrnon the evaluations will be eligible for performance awards and recognition andrnrankings of top performers will be available to the public by way of an annualrnscorecard.</p
The servicers are categorized intornthree peer groups based on the number of Fannie Mae loans they service. Asrnof the end of the third quarter, the following servicers by category are onrntrack to be at or above median performance for the entire year. </p
In Peer Group One which consists ofrn11 servicers: CitiMortgage, Inc., Everbank, GMAC Mortgage, LLC (Ally Bank),rnWells Fargo, N.A.</p
Peer Group Two consisting of 9rnservicers: Aurora Bank, FSB, Central Mortgage Company,rnFifth Third Bank, The Huntington National Bank, and Regions Bank.</p
Peer Group Three with13 servicers: American Home Mortgage Servicing, Inc., ArvestrnMortgage Company, Associated Bank, NA, Capital One, N.A, Colonial Savings,rnF.A., Doral Bank, Manufacturers and Traders Trust, Co., Nationwide AdvantagernMortgage Co., Navy Federal Credit Union </p
In addition, two Peer Group Onernservicers, JP Morgan Chase Bank, N.A. and PHH Mortgage Corporation pulled uprntheir performance to a level at or above the median performance level for thernthird quarter as did U.S. Bank N.A., arnPeer Group Two servicer.</p
Fannie Mae will publish final 2011rnSTAR rating results in early 2012. The overall STAR rating will berndependent upon outcomes from the operational assessments as well as thernservicer’s results on the Servicer Performance Scorecard.
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