Fifth Third Bancorp’s banking subsidiary was recognized as the top mortgage servicer by the Federal National Mortgage Association.
The Washington, D.C.-based secondary lender announced results covering all of last year for its Servicer Total Achievement and Rewards program.
Fannie said it created the STAR program to measure and compare servicers across key operational and performance areas. STAR designations also recognize high achievement.
The program relies on scorecard metrics tied to customer service and foreclosure prevention. In addition, operation assessments are made of servicers’ processes, policies and capabilities.
Fannie Mae Senior Vice President of National Servicing Organization Leslie Peeler noted in the report that servicers maintained ongoing efforts to improve operations. Servicers also met the government-sponsored enterprise’s goals for the first time.
Recognized servicers were divided up into three peer groups based on the size of their servicing portfolios.
Fifth Third Bank was awarded Fannie Mae’s “first ever Five STAR designation” for 2013.
Five STAR is the highest level of scorecard achievement in a peer group and demonstrates consistent processes with repeatable outcomes in every reviewed area, according to the announcement. The designation also signifies consistent advances in achieving Fannie’s objectives.
“This achievement marks the highest level of performance of any servicer since the program was launched in 2011,” Fannie said.
Peeler commended Fifth Third’s “strong progress.”
Four STAR designations were awarded to Capital One, N.A.; Colonial Savings, F.A.; Green Tree Servicing LLC; Navy Federal Credit Union; and Seterus Inc.
Four STAR designees are the top one-quarter of a peer group based on their scorecard results. This group demonstrates consistent processes with repeatable outcomes across the aggregate of reviewed areas.
Another group, Three STAR designees, included Central Mortgage Co., JPMorgan Chase & Co.; M & T Bank Co.; Nationstar Mortgage LLC; Nationwide Advantage Mortgage Co.; Ocwen Loan Servicing LLC; PHH Mortgage Corp.; PNC Bank, N.A.; Regions Bank; Third Federal Savings and Loan; and Wells Fargo Bank, N.A.
“Three STAR designation signifies above median results on the Scorecard for its peer group and demonstration of consistent and standardized processes in most business operations,” Fannie said.
