Fannie Mae Discloses Results of Servicer Assessments
Fannie Mae has released the results ofrnits new Servicer Total Achievement and Rewards (STAR) program for the firstrnhalf of 2011. STAR, which was inauguratedrnin February, lays out clear expectations for servicer performance in helpingrnhomeowners avoid foreclosure and provides consistent measurements of thatrnperformance. Servicers who score well onrnSTAR evaluations will be eligible for performance awards and recognition.</p
STARrnratings are based on a five STAR system with 3 STARS being the minimumrnsatisfactory rating. Three STARSrnindicates that a servicer has accomplished at least a median performancernrelative to its peers. Four STARSrnsignify that the servicer is on track to meet Fannie Mae targets and performingrnabove median levels and 5 starts indicates superior performance and meeting ofrnor exceeding Fannie Mae’s targets. Servicers that do not perform at a median level OR that dornnot receive satisfactory results on operational assessments do not receive arnSTAR rating.</p
The first ratings released are forrnservicers in Peer Groups One and Two, classifications that are based on thernnumber of loans each company services. Outrnof 11 servicers In Peer Group 1 GMAC Mortgage (Ally Bank), CitiMortgage Inc;rnEverhome Mortgage, and Wells Fargo Bank, N.A. are on track to achieve at least STAR-3rnstatus for the year. In Peer Group 2rnwhich consists of 10 servicers those on track to receive a 3 star rating arernFifth Third Bank, the Huntington National Bank, HSBC Mortgage Corporationrn(USA), Aurora Financial Group Inc., Regions Bank, and Central Mortgage Company. Information on Peer Group 3 and its 13rnservicers will be released within the next 30 days. </p
“We are committed to helpingrnstabilize the housing market by requiring servicers to prevent foreclosurernwhenever possible,” said Leslie Peeler, Vice President for ServicerrnPortfolio Management, Fannie Mae. “The STAR program helps us evaluate andrnhold servicers accountable for measurable, consistent results in preventingrnforeclosure. Servicers who achieve the highest ratings are leading the way inrnproviding assistance to homeowners who are having difficulty making theirrnmortgage payments.”
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