Fannie Mae introduced the outcomes of the STAR (Servicer Complete Achievement and Rewards) program for 2020, which acknowledges 31 mortgage service suppliers for excellent operational providers and buyer advantages.
Based in 2011, the STAR program awards Fannie Mae servicers primarily based on three areas of operation and efficiency: common upkeep, answer supply, and timeline administration. The STAR program measures the competence, capability and total efficiency of the service supplier. It’s designed to assist Fannie Mae servicers establish areas for enchancment by evaluating their efficiency in opposition to different servicers, and to observe progress and tendencies in opposition to key indicators chosen to replicate Fannie Mae’s present enterprise targets.
“It’s an honor to acknowledge 31 of our service companions as STAR 2020 award winners for his or her respective commitments to customer support and trade finest practices,” he mentioned Malloy Evans, Senior Vice President and Single Household Chief Credit score Officer for Fannie Mae. “Whereas mortgage servants have all the time performed a vital position in stopping foreclosures and offering housing advantages, their job has been completely vital over the previous 12 months as owners grappled with job losses, decreased earnings, sickness and different disruptions attributable to the COVID-19 pandemic . Servicer contributions will proceed to be essential as we work to maintain folks of their properties and stabilize the U.S. housing market because the pandemic continues. “
Servicers are chosen to take part within the STAR program primarily based totally on whole Fannie Mae service mortgage quantity and portfolio composition.
The Federal Workplace for Housing Finance (FHFA) just lately injected $ 1.09 billion Fannie Maes inexpensive housing awards for 2020, the biggest quantity ever paid out, greater than twice as a lot as final 12 months.
The recipients of the STAR 2020 program embrace:
Common upkeep and answer supply
Common upkeep and timeline administration
Answer supply and timeline administration
Common upkeep, answer deployment, and timeline administration discovery