The Federal National Mortgage Association has identified mortgage loan servicers that perform better than their peers. The servicers each fall into one of three categories.
The performance was determined through the Servicer Total Achievement and Rewards — or STAR — program scorecard results for 2012, according to a bulletin Tuesday from the secondary lender.
Fannie based its findings on metrics tied to customer service and foreclosure prevention as well as operational assessments of the servicer’s processes, policies and capabilities. The assessments included the evaluation of key processes and drivers that produce the scorecard outcomes.
“The program measures servicers across key operational and performance areas relative to their peers, and acknowledges their achievement through STAR designations,” Fannie said.
Among peer-group one servicers that were rated at or above median levels relative to their peers in 2012 were EverBank Financial Corp., which serviced $52.3 billion — including Fannie and non-Fannie loans — as of Sept. 30, 2012; GMAC Mortgage LLC and Ally Bank, which combined serviced an estimated $232 billion as of Sept. 30, 2012; and Green Tree Servicing LLC, which serviced $37.5 billion as of March 31, 2012, before it was acquired by Walter Investment Management Corp. in July 2011.
Also on Fannie’s tier-one list were Nationstar Mortgage LLC, where the servicing portfolio was $300 billion as of Feb. 1; PHH Mortgage Corp., with a $184 billion servicing portfolio as of Dec. 31, 2012; Seterus Inc.; and America’s biggest residential loan servicer Wells Fargo Bank, N.A., which reported a year-end 2012 total servicing portfolio of $1.873 trillion.
“In the peer group representing our largest servicers we observed improvement in the delivery of home retention solutions from our top and bottom performing servicers,” Fannie Mae Senior Vice President Leslie Peeler said in the notice. “Servicers understand the importance of delivering solutions to homeowners and are focused on achieving better results.”
Peer group two performers included Fifth Third Bank, where the servicing portfolio was $84 billion as of Dec. 31, 2012; RBS Citizens, N.A.; and Regions Bank, which serviced $51 billion as of the end of last year.
Ranking above the median level in peer group three were Associated Bank, N.A., which serviced $11 billion as of the end of 2012; The Branch Banking and Trust Co., where the servicing portfolio was $101 billion at the end of December; Capital One, N.A.; Colonial Savings, F.A., which reported its servicing portfolio at $17 billion as of Sept. 30, 2012; M & T Bank; Navy Federal Credit Union, which had a servicing portfolio of $32 billion as of Dec. 31; Third Federal Savings and Loan; and Trustmark National Bank.
