Year End STAR Achievers Announced by Fannie Mae; PHH Shines
The servicers scoring STAR rewards forrnthe second half of 2011 were announced today by Fannie Mae. STAR, the Servicer Total Achievement andrnRewards Program was established in early 2011 tornestablish standards and recognize excellence among Fannie Mae servicers inrntheir overall performance, customer service, and foreclosure preventionrnefforts. </p
STAR uses two methods for evaluatingrnparticipating servicers, operational assessment and PerformancernScorecards. Fannie Mae will publishrnoverall 2011 STAR Program annual results incorporating both elements nextrnmonth. </p
When STAR was first rolled out we interviewed Leslie Peeler, the person who was heading the program at thatrntime. She explained that the scorecard covers four performance categories: </p<ul type="disc"
For 2011, the following servicersrnhave produced results on the STAR Performance Scorecard at or above medianrnlevels relative to peers. Those appearingrnfor the first time are in bold. </p<ul type="disc"
Several banks that appeared on thernlist during the first half of the year did not appear on the current list. The Fannie Mae press release also noted that,rn”For the second half of 2011, PHH Mortgage Corporation demonstrated significantrnperformance improvements and achieved at or above median levels compared tornpeers.”</p
Thirty-three servicers nowrnparticipate in the STAR program but additional servicers will be added thisrnyear. Fannie Mae said that, as a result,rnthe peer groupings will change. </p
“Servicers in the STAR Program are changingrntheir approach to managing Fannie Mae loans, assisting homeowners, andrnmeasuring success,” said Tara Malone, Vice President of Servicer Review andrnMeasurement, Fannie Mae. “We’re pleased to report significant improvements inrnperformance for some of our servicers over the course of 2011. Servicers havernincreased their focus on areas of key importance for helping Fannie Mae managernlosses and prevent foreclosures, which should drive improved STAR performancernin 2012.”
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