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Fannie Mae released the results of the Servicer Total Achievement Rewards (STAR) Program Thursday, announcing improvements by JPMorgan Chase, PHH Mortgage, and U.S. Bank. All three banks improved their foreclosure alternative practices.
""The STAR program evaluates servicers' capabilities and results and holds them accountable for preventing foreclosures and protecting the interests of American taxpayers,"" said Tara Clayton, VP of servicer review and measurement at Fannie Mae.
[IMAGE] [COLUMN_BREAK]""STAR is making a difference when it comes to increasing servicers' focus on areas of critical importance to homeowners, Fannie Mae, and the market,"" Clayton stated.
STAR breaks servicers into three categories based on the number of Fannie Mae loans they service.
In the first peer group of 11 servicers, four are expected to receive a three STAR rating â€" meaning they are at or above median performance â€" in 2011. Those four include CitiMortgage, Everbank, GMAC Mortgage, and Wells Fargo.
In Peer Group Two, six of nine servicers are expected to receive a three STAR rating at the end of the year, including Aurora Bank, FSB, Central Mortgage Company, Fifth Third Bank, The Huntington National Bank, and Regions Bank.
In Peer Group Three, nine of 13 servicers are expected to be at or above median performance level.
The nine banks include American Home Mortgage Servicing, Arvest Mortgage Company, Associated Bank, Capital One, Colonial Savings, Doral Bank, Manufacturers and Traders Trust, Nationwide Advantage Mortgage, and Navy Federal Credit Union.
