A ranking of the best mortgage servicers has been released by the Federal National Mortgage Association.
Fannie Mae measures the performance of a servicer based on foreclosures avoided.
The secondary lender hopes to increase servicer focus on critically important areas by providing clear expectations and specific, consistent measurements.
This is being accomplished through the Servicer Total Achievement and Rewards Program, which was announced in February. The program also holds poorly performing servicers accountable.
Ratings are handed out based on a five-star scale.
The best-performing mortgage servicers in the first half of this year earned at least a three-star rating, indicating that the servicer has accomplished at least median performance relative to its peers.
Among the biggest-11 servicers, GMAC Mortgage LLC, CitiMortgage Inc., Everhome Mortgage and Wells Fargo Bank, N.A., were recognized for producing better results than their peers.
In the second peer group, which included 10 servicers, Fannie recognized Fifth Third Bank, The Huntington National Bank, HSBC Mortgage Corporation (USA), Aurora Financial Group Inc., Regions Bank and Central Mortgage Co.
