Freddie Ranks Mortgage Servicers’ Performance
Freddie Mac is launching a new Servicing Success Program on Aug. 1, which will set performance expectations for mortgage servicers and provide feedback on servicer strengths and weaknesses.
As part of the new program, Freddie will “evaluate servicer performance in investor reporting and remitting and default management,” the company said in a public statement announcing the program. It will rank mortgage servicers on a monthly basis based on the performance points it earned when servicing loans during the previous month. The rankings will help gauge servicers’ performance against their competitors, and the rankings will be available to view on each servicer’s performance profile Web page starting Oct. 7.
“The robust, balanced approach we are launching in 2011 underscores Freddie Mac’s commitment to invest in the future of U.S. home ownership by strengthening servicing practices and enabling servicers to more effectively preserve home ownership,” Tracy Mooney, Freddie Mac’s senior vice-president of single-family servicing and REO, said in a public statement.
Source: “Freddie Mac Launches Servicing Success Program in Sweeping Servicer Evaluation Makeover,” PRNewswire (July 25, 2011)