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Five ""Fannie Mae"":http://www.fanniemae.com/portal/index.html servicers received record-breaking marks for their improvements in servicing loans. For the first time in the history of the Servicer Total Achievement and Rewards (STAR) Program, Fannie Mae assigned the four STAR designation to servicers.
[IMAGE]The program began in 2011 and assesses overall servicer performance by considering factors such as the delivery of foreclosure prevention solutions, customer service, and operational assessments.
""It is a sign of great progress to award four STAR designations for the first time,"" said Leslie Peeler, SVP of Fannie Mae's national servicing organization. ""Servicers are continuing to improve their processes and achieve better results in foreclosure prevention and customer service. We look forward to working with all servicers to build on their strong momentum and make sure that homeowners are getting the help they need.""
[COLUMN_BREAK]The five servicers that received the four STAR designations were Fifth Third Bank; Associated Bank; Green Tree Servicing; Navy Federal Credit Union; and Seterus, Inc.
According to a release, the four STAR designation is for servicers who achieved top quartile results on the scorecard, which measures a servicer's effectiveness in managing credit performance. The four STAR status also signifies consistent processes with repeatable outcomes in all reviewed areas and achievement of Fannie Mae credit loss targets.
""Fannie Mae provided feedback to servicers after last year's STAR program and many of the servicers in the four STAR group took that feedback and implemented changes to their operations,"" a Fannie Mae spokesperson explained in an email.
Three STAR designations went to Capital One; Colonial Savings; EverBank; Ally Bank; M & T Bank; Nationstar Mortgage; PHH Mortgage Corporation; RBS Citizens; Regions Bank; Third Federal Savings and Loan; Trustmark National Bank; and Wells Fargo Bank.
Servicers who attained three STAR designations achieved above median results on the scorecard and demonstrated consistent and standardized processes in most business operations.
Servicers are divided into three peer groups based on the number of Fannie Mae loans they service. A servicer can achieve up to a five STAR designation, while servicers who do not achieve at least a three star rating are not recognized.
