MReport April 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 47 of 67

46 | M R EP O RT SERVICING THE LATEST O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T Mortgage Servicers' Best Practices Recognized by Fannie Mae Contributions in the servicer market continue to be key as the nation trudges through the pandemic, as Fannie Mae recently honored those making an impact in this sector. F annie Mae has an- nounced its 2020 Ser- vicer Total Achievement and Rewards (STAR) Program results, which recog- nizes 31 mortgage servicers for operational servicing excellence and customer value. Established in 2011, the STAR Program awards Fannie Mae ser- vicers based on three operational and performance areas: general servicing, solution delivery, and timeline management. The STAR Program measures servicer competency, capacity, and overall performance. It is designed to help Fannie Mae servicers identify opportunities for improvement by comparing their performance relative to other servicers, and monitor progress and trends against key indicators selected to reflect Fannie Mae's current busi- ness objectives. "It's an honor to recognize 31 of our servicing partners as 2020 STAR Program award recipients for their respective commitments to customer service and indus- try best practices," said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer for Fannie Mae. "While mortgage servicers always play an essential role in preventing foreclosures and providing housing assistance, their work was absolutely critical last year, as homeowners dealt with job losses, reductions in income, illness, and other disruptions caused by the COVID-19 pandem- ic. Servicer contributions will con- tinue to be vital while we work to keep people in their homes and stabilize the U.S. housing market as the pandemic persists." Servicers are selected to par- ticipate in the STAR Program primarily based on total Fannie Mae servicing loan volume and the portfolio composition. The Federal Housing Finance Agency (FHFA) recently injected $1.09 billion for Fannie Mae's affordable housing allocations for 2020, marking the largest amount ever disbursed, more than double what was provided last year. Recipients of the 2020 STAR Program include: General Servicing • Arvest Bank Group Inc. • Associated Banc-Corporation • Bank of America Corporation • Broker Solutions Inc. • Cenlar Capital Corporation • Citizens Bank • Colonial Savings FA • Computershare Limited • Dovenmuehle Mortgage Inc. • Fidelity Bank • Fifth Third Bancorp • Flagstar Bancorp Inc. • Freedom Mortgage Corporation • Guild Mortgage Company LLC • LoanCare • M&T Bank Corporation • PennyMac Corporation • Provident Funding Associates LP • Rushmore Loan Management Services LLC • Stone Point Capital LLC/Home Point Financial Corporation • Trustmark Corporation • Wright-Patt Credit Union Timeline Management • Bayview Financial Holdings LP General Servicing and Solution Delivery • PNC Financial Services Group Inc. • Quicken Loans Inc. • Regions Financial Corporation • Teachers Insurance and Annuity Association of America • Truist Bank General Servicing and Timeline Management • Wells Fargo and Company Solution Delivery and Timeline Management • Mr. Cooper General Servicing, Solution Delivery, and Timeline Management Recognition • JPMorgan Chase & Company

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport April 2021