Colonial Savings Mortgage Servicing Department Earns Fannie Mae's Highest Designation for Best Practices
FORT WORTH, Texas, May 5, 2015 /PRNewswire/ -- Fannie Mae has announced that Colonial Savings is recognized as a STAR Performer for best practices in the areas of General Servicing, Collections/Loss Mitigation and Neighborhood Stabilization for 2014. The Fannie Mae Servicer Total Achievement and Rewards (STAR) Program supports the mortgage industry by establishing a transparent and formal framework to recognize Fannie Mae mortgage servicing partners for their competency, capacity and overall performance.
The STAR recognition framework assesses mortgage servicers in three categories using a system of red, yellow or green ratings, with green indicating the best performance. Information is collected and analyzed across key dimensions of people, processes, quality control, reporting and training. Colonial was the only servicer in its peer group to be recognized as a STAR Performer in all three assessment categories, making it Fannie Mae's highest achieving STAR Performer within the group.
"To be the only mortgage servicer rated GREEN in all three of Fannie Mae's assessment categories clearly makes Colonial a "best in class" operation," said Tim Neer, senior vice president of mortgage services. "We are humbled to receive this designation. I am truly proud of our servicing team and very grateful for the support of Chief Operating Officer Allen Maulsby and the entire Colonial organization. It's a great honor but the real satisfaction comes in knowing how Colonial's mortgage customers benefited from our work. That is what really matters at the end of the day."
Colonial's Fannie Mae STAR Performer designation was applauded by the company's Chairman of the Board Jim DuBose and President David Motley, who added, "We are very proud to be a Fannie Mae servicing partner, and are pleased to deliver superior performance to our customers. We have a great group of talented people in our servicing department who are committed to delivering their very best every single day. This honor is proof of their hard work and dedication."
About Colonial Savings
In business for 63 years, Colonial Savings F.A. is a national, multi-service financial institution headquartered in Fort Worth, Texas, and is one of largest servicers of mortgage loans in the United States, with a portfolio of $25 Billion. Colonial is known for its mortgage divisions: Colonial National Mortgage, a leading retail mortgage lender; CU Members Mortgage, which provides mortgage services to more than 1,000 credit unions nationwide; and Community Bankers Mortgage, which provides mortgage origination and servicing to community banks. Colonial maintains a network of eight consumer/commercial banks located throughout North Central Texas. It is also affiliated with Colonial Life Insurance Company of Texas, DuBose & Associates Insurance, and Colonial Lloyds Insurance. The privately held company provides a full array of personal and business financial products and originates approximately $3 billion in FHA, VA, conventional and innovative single close construction loans annually.
SOURCE Colonial Savings
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