August 27, 2013Fannie Mae Announces STAR Program Results for First Half of 2013
WASHINGTON, DC – Today, Fannie Mae (FNMA/OTC) announced Servicer Total Achievement and Rewards™ (STAR™) Program results for the first half of 2013. STAR was created to establish servicing standards and recognize Fannie Mae servicers on 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. For the first time, the mid-year results also provide increased insight into the key metrics used to measure servicer performance and foreclosure prevention efforts.
“Our mortgage servicers’ efforts are critical to keeping people in their homes, preventing foreclosures and stabilizing communities,” said Leslie Peeler, Senior Vice President of Fannie Mae’s National Servicing Organization. “With our expanded 2013 mid-year assessment, we continue to recognize servicers that are on track to meet overall performance scorecard goals while also recognizing more servicers that are top performers in specific operational areas. We are working hard to share more information regarding our STAR assessment process so the industry can more easily identify and adopt best practices for the benefit of homeowners.”
For overall performance, the following servicers produced results on the STAR Scorecard at or above median levels relative to their peers for the first half of 2013:
Specific operational metrics driving overall servicer performance and foreclosure prevention results include:
In order for a servicer to be successful in the Fannie Mae STAR Program, they must be effective in these core functions. The STAR program would like to recognize the following servicers for demonstrating leading performance at the top of each peer group for these key metrics:
For additional insight into the leading practices of servicers’ foreclosure prevention strategies as recognized by Fannie Mae and the STAR Program, go to http://bit.ly/14VEBbl.