Fannie Mae recently announced the results of their servicer ratings for the first half of 2011 in the Servicer Total Achievement and Rewards (STAR) Program. The STAR Program is designed to focus on areas of critical importance to Fannie Mae, this includes customer Service and foreclosure prevention for homeowners by rating servicers on their performance in these areas. The STAR Program provides clear expectations and specific measurements to ensure help for Fanny Mae servicers.
Fannie Mae wants to help prevent foreclosure, if possible, and they want to help stabilize the housing market. Through the STAR Program, Fannie Mae can evaluate and make servicers accountable for consistent results. Servicers that achieve the highest ratings are the providers that are leading in providing assistance to owners that are having problems making their mortgage payments.
Listed below are servicers in Peer Groups One and Two as of the end of the second quarter are on track to acquire a triple STAR rating for this year.
Group One has a total of 11 servicers – Some included are GMAC Mortgage (Ally Bank), Wells Fargo Bank, N.A., CitiMortgage, Inc., Everhome Mortgage.
Group Two has a total of 10 servicers – Some include Fifth Third Bank, The Huntington National Bank, HSBC Mortgage Corporation (USA), Aurora Bank, FSB, Regions Bank, Central Mortgage Company.
Servicers aspire to achieve an overall satisfactory rating of 3 STAR or higher. 3 STARs indicates the servicer has at least median performance. 4 STARs shows the servicer is on track to meet Fannie Mae standards in performance and is above median performance. 5 STARs is superior where the servicer is meeting or exceeding Fannie Mae’s target goals.
Servicers are arranged in three groups based on the number of loans they service. Each group is scored within the group using the Servicer Performance Scorecard which provides a monthly snapshot of ten key indicators that measure the servicer’s impact on helping homeowners by achieving sustainable solutions. Fannie Mae conducts an operational assessment under the STAR program to assure that key processes are performed by the providers. The operational assessment and results will help drive the overall annual ratings. Servicers that do not provide services at median level or don’t have satisfactory results do not receive STAR ratings.
Working on your behalf as single party brokers, we offer guidance that will help you make knowledgeable decision in either buyer or seller situations. So, when you’re ready to become a homeowner or sell your property, contact Tulsa Realtors® Tom and Bev Herring. Or, visit their website at: TomAndBev.info.