Fannie Mae announced on Thursday that 22
of its servicers had produced results in its Servicer Total Achievement and
RewardsTM (STAR) Program for the first half of 2012 that put them at or above
the median levels for others in their peer group.
STAR was created in 2011 to establish
servicing standards and recognize Fannie Mae servicers in their overall
performance, customer service, and foreclosure prevention efforts. The program measures servicers across key
operational and performance areas relative to their peers and acknowledges
their achievement through star designations.
Servicers are divided into three peer group based on the size of their
servicing portfolio and their performance is measured against other servicers
in their peer group.
Nineteen servicers achieved Three Star
status for their performance in 2011. In
announcing the results Fannie Mae made special mention of Fifth Third Bank's
performance which came closest of the servicers enrolled in the program to
reaching the fourth star for its 2011 performance.
"Fannie Mae wants servicers to be
responsive to homeowners who are struggling and work with them to prevent as
many foreclosures as possible. Through STAR, we've seen servicers make
measureable improvements over the course of the program's first 18 months,"
said Leslie Peeler, Senior Vice President of National Servicing Organization,
Fannie Mae. "The servicers we are recognizing today are implementing effective,
standardized processes that help drive improved performance and operational
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