WASHINGTON, March 15, 2012 /PRNewswire/ --
- STAR Program
Drives Improved Customer Service and Foreclosure Prevention
Outcomes
Today, Fannie Mae (OTC Bulletin Board: FNMA) announced Servicer
Total Achievement and Rewards™ (STAR™) Program Performance
Scorecard results for year end 2011. The STAR Program was created
to establish standards and recognize excellence among Fannie Mae
servicers in their overall performance, customer service, and
foreclosure prevention efforts. Encouraging servicer
achievement through the STAR Program is an important component of
Fannie Mae's overall efforts to prevent foreclosures and stabilize
neighborhoods.
Overall STAR performance rankings are issued on an annual basis
each April. These rankings reflect a combination of the
program's two methods for evaluating participating servicers:
operational assessments and annual Performance Scorecard results.
Fannie Mae will publish overall 2011 STAR Program annual results
incorporating both elements in April
2012.
"Servicers in the STAR Program are changing their approach to
managing Fannie Mae loans, assisting homeowners, and measuring
success," said Tara Malone, Vice
President of Servicer Review and Measurement, Fannie Mae. "We're
pleased to report significant improvements in performance for some
of our servicers over the course of 2011. Servicers have
increased their focus on areas of key importance for helping Fannie
Mae manage losses and prevent foreclosures, which should drive
improved STAR performance in 2012."
For 2011, the following servicers have produced results on the
STAR Performance Scorecard at or above median levels relative to
peers:
- Peer Group One (consisting of 11 servicers) - CitiMortgage,
Inc., EverBank, GMAC Mortgage, LLC (Ally
Bank), JP Morgan Chase, and Wells Fargo Bank, NA
- Peer Group Two (consisting of 9 servicers) - Aurora Bank, FSB, Central Mortgage Company,
Fifth Third Bank, HSBC Mortgage Corporation, The Huntington
National Bank, and Regions Bank
- Peer Group Three (consisting of 13 servicers) - American Home
Mortgage Servicing, Inc., Arvest Mortgage Company, Associated Bank,
NA, Capital One, N.A., Colonial Savings, F.A., Doral Bank, M&T Bank, Nationwide Advantage
Mortgage Co., Navy Federal Credit Union, Third Federal Savings and
Loan, Branch Banking & Trust, and Sovereign Bank, a FSB
For the second half of 2011, PHH Mortgage Corporation
demonstrated significant performance improvements and achieved at
or above median levels compared to peers.
Currently, we review thirty-three servicers as full participants
of the STAR program. STAR will expand in 2012 to review and
assess additional servicers based on updated participation
criteria. As a result, peer groupings will change and opportunities
for recognition under the program will continue.
STAR Scorecard results for the previous quarters in 2011 may be
found at:
Fannie Mae Releases Servicer Ratings for First Half of 2011
Fannie Mae Releases Additional Servicer Results for First Half
of 2011
Fannie Mae Releases Servicer Results for Q3 2011
Fannie Mae exists to expand
affordable housing and bring global capital to local communities in
order to serve the U.S. housing market. Fannie Mae has a federal
charter and operates in America's secondary mortgage market to
enhance the liquidity of the mortgage market by providing funds to
mortgage bankers and other lenders so that they may lend to home
buyers. Our job is to help those who house America.
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