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Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Best Servicers of 2011

Fannie rates servicers against peers

March 15, 2012

By staff

Among the Federal National Mortgage Association's 11 biggest mortgage servicers, five have been identified as better than their peers.

Fannie Mae rates 33 of its approved servicers compared to their peers. There are three peer-group categories.

A report released Thursday rated the servicers based on an annual performance scorecard.

The Servicer Total Achievement and Rewards Program Performance Scorecard identified CitiMortgage Inc., EverBank, GMAC Mortgage LLC, JPMorgan Chase & Co. and Wells Fargo Bank, N.A., as performing at or above median levels compared to their peers.

The STAR performance scorecard was originally launched in February 2011 and "is an important component of Fannie Mae's overall efforts to prevent foreclosures and stabilize neighborhoods." It establishes standards for servicers' overall performance, customer service and foreclosure-prevention efforts.

Fannie said that PHH Mortgage Corp., which was ranked at or above its peers, "demonstrated significant performance improvements." While PHH's peer group wasn't identified in the latest ranking, a previous report placed it in peer group one.

Among a second tier of nine servicers, the Washington, D.C.-based company recognized Central Mortgage Co., Fifth Third Bank, HSBC Mortgage Corp., The Huntington National Bank, Regions Bank and Aurora Bank, FSB.

American Home Mortgage Servicing Inc.; Arvest Mortgage Co.; Associated Bank, N.A.; Capital One, N.A.; Colonial Savings, F.A.; Doral Bank; M&T Bank; Nationwide Advantage Mortgage Co.; Navy Federal Credit Union; Third Federal Savings and Loan; Branch Banking & Trust; and Sovereign Bank, FSB, were all recognized among 13 servicers in a third peer group.

A final scorecard will be released next month that also reflects operational assessments.

Fannie Vice President of Servicer Review and Measurement Tara Malone said in the announcement that the STAR program has caused servicers to change their approach to managing the secondary lender's loans -- helping to control losses and prevent foreclosures.

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