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Fifth Third Bank Takes Top Spot for Servicing Performance

Fifth Third Bank outshined all other servicers in ""Fannie Mae's Servicer Total Achievement and Rewards (STAR) Program"":http://www.fanniemae.com/portal/about-us/media/corporate-news/2012/5815.html in 2011.

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The bank came closer than any other bank to receiving four out of five available stars for performance in foreclosure prevention.

A five star rating ""represents superior performance wherein the servicer is meeting or exceeding Fannie Mae's targets,"" according to ""Fannie Mae."":http://www.fanniemae.com/portal/index.html No servicer came close to this rating in 2011.

For the first half of 2012, Fifth Third Bank maintained its status of performing ""at or above median levels relative to [its] peers.""

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Fannie Mae separates servicers into three peer groups to compare performance. Fifth Third and Regions bank were the only two out of the 10 servicers in the second peer group to perform at or above median levels.

In peer group one, nine out of 10 servicers earned at least a median rating for the first half of this year, including CitiMortgage, EverBank, GMAC Mortgage, Green Tree Servicing, JPMorgan Chase, Nationstar Mortgage, PHH Mortgage, Seterus, and Wells Fargo.

Of the third peer group, 11 of 13 servicers earned at least a median rating for foreclosure prevention services. Those servicers include, Associated Bank, The Branch Banking and Trust Company, Capital one, Colonial Savings, M&T Bank, Nationwide Advantage, Navy Federal Credit Union, Sovereign Bank, FSB, Third Federal Savings and Loan, and Trustmark National Bank.

""[W]e've seen servicers make measurable improvements over the course of the program's first 18 months,"" said Leslie Peeler, SVP of Fannie Mae's National Servicing Organization.

""Fannie Mae wants servicers to be responsive to homeowners who are struggling and work with them to prevent as many foreclosures as possible,"" Peeler said.

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