Posted on Wednesday, March 16, 2011
Fannie Mae unveiled on Wednesday the Servicer Total Achievement and Rewards (STAR) program, which will measure and evaluate mortgage servicers’ performance in supporting the housing recovery.
The program will examine how the servicers help homeowners avoid foreclosure.
The program will provide clear expectations and specific measurements to help Fannie Mae servicers increase focus on avoiding foreclosure. It will directly link servicer performance to the customer experience with the servicer and the number of homeowners the servicer has helped.
According to a press release by the GSE, the STAR program is part of ongoing efforts to hold servicers accountable, to help homeowners, and to stabilize communities.
“We created the STAR Program to promote transparency, accountability and excellence in mortgage servicing and to recognize those which consistently deliver strong, customer-driven results,” said Leslie Peeler, VP of servicing portfolio management at Fannie Mae.
She continued, “The efforts of servicers are critical to preventing foreclosures and providing homeowners assistance. By creating measurable expectations for our servicers aligned with Fannie Mae’s business objectives, we hope to sharpen servicers’ focus and encourage them to continue to work with us toward our shared priority: keeping people in their homes.”
The program will feature a Servicer Performance Scorecard, which will provide monthly performance snapshots and trends to help servicers assess their progress. Top-ranking servicers will become eligible to receive incentive awards and recognition. In addition, rankings of top performers will be made available to the public in an annual scorecard.
“The STAR program is an innovative approach in managing and evaluating servicers’ performance, and we believe it will improve customer satisfaction and overall housing outcomes for struggling customers,” said Jay Bray, EVP of Nationstar Mortgage. “We applaud Fannie Mae’s efforts to develop a comprehensive assessment and rewards program.”
By: Joy Leopold, DS NEWS