Fannie Mae Announces STAR Program Results for First Half 2012 STAR Recognizes Outstanding Servicer Performance and Foreclosure Prevention Efforts
WASHINGTON, Aug. 23, 2012 /PRNewswire/ -- Today, Fannie Mae (OTC Bulletin Board: FNMA) announced Servicer Total Achievement and Rewards™ (STAR™) Program results for the first half of 2012. STAR was created to establish servicing standards and recognize Fannie Mae servicers in their overall performance, customer service and foreclosure prevention efforts. The program measures servicers across key operational and performance areas relative to their peers, and acknowledges their achievement through star designations.
"Fannie Mae wants servicers to be responsive to homeowners who are struggling and work with them to prevent as many foreclosures as possible. Through STAR, we've seen servicers make measureable improvements over the course of the program's first 18 months," said Leslie Peeler, Senior Vice President of National Servicing Organization, Fannie Mae. "The servicers we are recognizing today are implementing effective, standardized processes that help drive improved performance and operational success."
The following servicers produced results on the STAR Scorecard at or above median levels relative to their peers for the first half of 2012:
- Peer Group One--CitiMortgage, Inc., EverBank, GMAC Mortgage, LLC (Ally Bank), Green Tree Servicing, LLC, JP Morgan Chase, Nationstar Mortgage, LLC, PHH Mortgage Corporation, Seterus, Inc., and Wells Fargo Bank, NA
- Peer Group Two--Fifth Third Bank and Regions Bank
- Peer Group Three--Associated Bank, NA, The Branch Banking and Trust Company, Capital One, N.A., Colonial Savings, F.A., M & T Bank, Nationwide Advantage Mortgage Co., Navy Federal Credit Union, Sovereign Bank, a FSB, Third Federal Savings and Loan, and Trustmark National Bank
Fannie Mae has communicated the STAR designations for the 2011 STAR program year to servicers. The following servicers earned a three star designation for the 2011 program year: Arvest Mortgage Company, Associated Bank, NA, Central Mortgage Company, CitiMortgage, Inc., Doral Bank, EverBank, Fifth Third Bank, GMAC Mortgage, LLC (Ally Bank), HSBC Bank (USA) NA, Homeward Residential, The Huntington National Bank, JP Morgan Chase, M & T Bank, Nationwide Advantage Mortgage Co., Navy Federal Credit Union, Regions Bank, and Wells Fargo Bank, NA.
Fannie Mae acknowledges Fifth Third Bank's leading performance among all servicers and peer groups in 2011, as it was closest to achieving a four star designation.
Please note that this announcement is specific to how the STAR Program measures servicer performance. This announcement does not waive or amend a servicer's obligations to service and perform in accordance with the Fannie Mae Servicing Guide.
STAR Scorecard results for 2011 may be found at:
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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SOURCE Fannie Mae