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 success."
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