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Best HUD Mitigators

Tier 1 servicers named

December 27, 2006

By MortgageDaily.com staff

The Department of Housing and Urban Development named the top servicers of federally-insured residential loans.

HUD released the Tier Ranking Scores of Tier 1 lender servicers for the fiscal year ending Sept. 30, 2006. The scores are reportedly used to determine which servicers are best utilizing HUD's loss mitigation tools, which are special forbearance, mortgage modification and partial claim, and what additional incentives will be given to them for the upcoming calendar year.

Increased loss mitigation incentives that lenders ranked in Tier 1 are eligible for next year are an additional $100 payment for each Special Forbearance Agreement executed in 2007; an automatic extension of two additional months to continue to market properties related to pre-foreclosure sale time frames; and an increase in the reimbursement of foreclosure costs from two-thirds to 75% for Part B claims received by HUD in 2007 for loans endorsed on or after Feb. 1, 1998, according to a mortgagee letter.

Unlike Tier 1 servicers, which numbered 110 for the fiscal year 2006, those in Tiers 3 and 4, the lowest rated tiers, are routinely targeted for training by HUD's National Servicing Center as well as possible investigation or audit by the Office of Lender Activities, according to HUD.

Of the four lenders with volume of 100,000 loans that ranked Tier 1, Chase Home Finance LLC had the highest workout ratio at about 89.5 percent. National City Mortgage Co.'s 87.4 percent was the second-highest ratio, followed by Wells Fargo Home Mortgage's 84.7 percent and Midland Mortgage Co's 83.6 percent, according to the Tier Ranking Scores list. Chase had volume of 316,795 loans, National City's had 140,109, Wells 727,531 and Midland 217,005.

In the category for mid-high volume Tier 1 lender servicers, or those with 10,000 to 99,999 loans, the leading workout ratio of 97.3 percent belonged to Doral Financial Corp, followed by the Virginia Housing Development Authority's 87.5 percent and TBW Inc's 86.7 percent. Banco Popular de Puerto Rico was fourth, and then came Bank of America, Everhome Mortgage Co., R&G Mortgage Corp., Cenlar Federal Savings Bank, Regions Bank, and Kentucky Housing Corp., HUD reported.

Of the 21 lenders with medium-low volume of less than 10,000 loans but at least 1,000, five had workout ratios of 100 percent: California Housing Finance, First Bank-PR, Guild Mortgage Co., Rhode Island Housing Mortgage Finance Corp., and Westernbank Puerto Rico. First Bank Alaska came close with a 99.2 percent and Arvest Mortgage Co. followed with a 96.7 percent, according to the list.

A total of 75 lenders with low volume, or less than 1,000 loans, also made the Tier 1 ranking, HUD said.

HUD noted that although it will provide Tier Ranking Scores quarterly, eligibility for performance incentives will be determined on an annual basis using the scores provided at the end of each fiscal year. Beginning with the scores for the fiscal year 2007, the scores and identity for all four tiers will be publishes on HUD's TRS site.

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