Fannie Mae Names First Five STAR Servicer as part of 2013 STAR Program Results
Fifth Third Bank receives highest STAR designation
WASHINGTON, DC – Today, Fannie Mae (FNMA/OTC) announced Servicer Total Achievement and Rewards™ (STAR™) Program results for the full year of 2013, awarding its first ever Five STAR designation to Fifth Third Bank. This achievement marks the highest level of performance of any servicer since the program was launched in 2011. The STAR program was created to measure servicers across key operational and performance areas relative to their peers and to recognize high achievement through STAR designations.
“We are pleased to see servicers’ continued efforts to improve their operations, help homeowners and meet Fannie Mae’s goals and for the first time, recognize the strong progress made by Fifth Third Bank in achieving a Five STAR designation,” said Leslie Peeler, Senior Vice President of National Servicing Organization at Fannie Mae. “The most notable progress we have seen is in foreclosure prevention efforts, helping to keep families in their homes. We will continue to share observations of best practices with servicers throughout 2014 to drive even more success.”
The following servicers achieved a STAR designation for the 2013 program year:
- Five STAR Designation: Fifth Third Bank
- Four STAR Designation: Capital One, N.A., Colonial Savings, F.A., Green Tree Servicing, LLC, Navy Federal Credit Union and Seterus, Inc.
- Three STAR Designation: Central Mortgage Company, JPMorgan Chase, M & T Bank Co., Nationstar Mortgage, LLC, Nationwide Advantage Mortgage Company, Ocwen Loan Servicing, LLC, PHH Mortgage Corporation, PNC Bank, N.A., Regions Bank, Third Federal Savings and Loan and Wells Fargo Bank, NA
The STAR program is based on Scorecard metrics related to customer service and foreclosure prevention results and Operational Assessments of the servicer’s processes, policies and capabilities. Servicers are divided into three peer groups based on the number of Fannie Mae loans that they service and are measured relative to their peers. A servicer can receive a designation of up to five stars:
- Five STAR designation signifies the highest level of Scorecard achievement for its peer group, demonstration of consistent processes with repeatable outcomes in every reviewed area, and consistent advances in achieving Fannie Mae’s objectives.
- Four STAR designation signifies top quartile results on the Scorecard for its peer group and demonstration of consistent processes with repeatable outcomes across the aggregate of reviewed areas.
- 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.
The names of servicers who have received less than a three star rating will not be published.
Recent STAR releases may be found at the following links:
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