Five residential loan servicers have been recognized by the Federal National Mortgage Association for achieving better results in foreclosure prevention and customer service.
The 2012 results for the Servicer Total Achievement and Rewards — or STAR — program were released Tuesday by the Washington, D.C.-based company.
The program was created to measure mortgage servicers across key operational and performance areas relative to their peers. Fannie Mae also uses to program to recognize high achievement.
Scorecard metrics used are related to customer service and foreclosure prevention results. Also factored in are operational assessments of the servicer’s processes, policies and capabilities.
Fannie said that, for the first time ever, it handed out a four-STAR designation.
“Four STAR designation signifies top quartile results on the scorecard for their peer group, demonstration of consistent processes with repeatable outcomes in all reviewed areas, and achieving Fannie Mae credit loss targets,” the statement said.
The highest possible level, a five-STAR designation, signifies “consistent advances in achieving Fannie Mae’s objectives.”
Fifth Third Bank was among the five servicers to earn the four-STAR rating. Fifth Third serviced $84 billion in total mortgages as of Dec. 31, 2012.
Associated Bank, N.A., which serviced $11 billion, was also designated, as were Green Tree Servicing LLC; Navy Federal Credit Union, where the servicing portfolio was $32 billion; and Seterus Inc.
“Servicers are continuing to improve their processes and achieve better results in foreclosure prevention and customer service, said Leslie Peeler, senior vice president of Fannie’s national servicing organization, said in the statement.
