Fannie Mae Releases Additional Servicer Results for First Half of 2011

STAR Program Drives Customer Service and Foreclosure Prevention Improvements

Andrew Wilson

202-752-5168

WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced further Servicer Total Achievement and Rewards (STAR) Program results for the first half of 2011.  Announced in February 2011, the STAR Program measures the performance of servicers in helping homeowners avoid foreclosure. 

Through the STAR Program, Fannie Mae provides clear expectations and specific, consistent measurements to help servicers increase their focus on customer service and foreclosure prevention outcomes for homeowners.  Servicers are ranked on a 5 STAR scale based on their performance in these areas. 

“Fannie Mae’s mission is to help stabilize the housing market.  By working with servicers to prevent foreclosure whenever possible, we can help bring about stability and recovery to America’s neighborhoods,” said Leslie Peeler, Vice President for Servicer Portfolio Management, Fannie Mae. “Servicers who achieve the highest rankings in the STAR Program are the market leaders in providing assistance to homeowners who are having difficulty making their mortgage payments.” 

As of the end of the second quarter, the following servicers in Peer Group Three are on track to achieve at least a 3 STAR ranking for 2011: 

• Peer Group 3 (consists of a total of 13 servicers):  American Home Mortgage Servicing, Inc., Arvest Mortgage Company, Associated Bank, N.A., Branch Banking and Trust Co., Capital One, N.A., Colonial Savings, F.A., Doral Bank, Nationwide Advantage Mortgage Co., Navy Federal Credit Union, Manufacturers and Traders Trust Co., Sovereign Bank, FSB. 

Mid-year results for Peer Groups One and Two were released in September 2011.  Those results and additional background on the STAR Program and can be found at Fannie Mae Releases Servicer Ratings for First Half of 2011.   These results indicate that the servicers referenced above are producing at least median performance relative to their peers on the STAR Performance Scorecard.  Servicers are categorized into three peer groups based on the number of Fannie Mae loans they service.