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Home | News | Foreclosure | Fannie Mae Finds Several Servicers Below Median Performance
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Fannie Mae Finds Several Servicers Below Median Performance

Several servicers remain below median performance level as of the first half of the year, as ranked by Fannie Mae's Servicer Total Achievement and Rewards (STAR) Program.

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Fannie Mae announced the STAR Program in February to measure servicers' success in providing sustainable solutions to distressed homeowners.

The mid-year results released Wednesday by the GSE indicate that four out of the 11 banks in Peer Group 1 are

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on track to receive at least a three-STAR rating at the end of the year.

Banks are ranked on a five-STAR scale, with three STARs signifying median performance level relative to peers and five STARs signifying superior performance.

Servicers are split into three peer groups based on the number of Fannie Mae loans they service.

Those in Peer Group 1 who are on track to receive at least three STARs are GMAC Mortgage, LLC, Citi Mortgage, Inc., Everhome Mortgage, and Wells Fargo Bank.

In Peer Group 2, six of 10 servicers are on track for a median rating at year-end, including, Fifth Third Bank, The Huntington National Bank, HSBC Mortgage Corporation, Aurora Financial Group Inc., Regions Bank and Central Mortgage Company.

The results for Peer Group 3 have not yet been released and are expected in the next 30 days.

""We are committed to helping stabilize the housing market by requiring servicers to prevent foreclosure whenever possible,"" said Leslie Peeler, Vice President for Servicer Portfolio Management, Fannie Mae.

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About Author: Krista Franks Brock

Krista Franks Brock
Krista Franks Brock is a regular contributor to DSNews.com and TheMReport.com. She previously served as managing editor of DS News magazine. Prior to joining DS News, she was managing editor of Southern Distinction, a regional lifestyle magazine based in Athens, Georgia. She is currently a freelance writer and editor for various online and print publications. She holds degrees in journalism and art from the University of Georgia, where she also earned a minor in Spanish.

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