Freddie Mac Recognizes Top Default Servicers
Freddie Mac (NYSE:FRE) said late Wednesday that 39 single-family mortgage servicers had earned the GSE's Tier One Platinum or Tier One Gold performance rankings for superior investor reporting and default management during 2006. The company also inducted 15 servicers into its Tier One Hall of Fame for achieving Tier One status for four consecutive years. "It was a combination of dedication and unwavering commitment to excellence that enabled these servicers to attain exceptional results in a challenging year marked by rising delinquencies and the aftershocks of the 2005 hurricanes," said Janet Eakes, senior vice president of mortgage operations for Freddie Mac. "Their performance sets a high water mark for the industry: helping thousands of borrowers avoid foreclosure while achieving terrific levels of efficiency." Freddie Mac ranks its servicers against monthly performance benchmarks for investor reporting, minimizing credit losses, and helping delinquent borrowers avoid foreclosure. Tier One Platinum rankings are given to larger servicers for attaining at least two quarters of Tier One (superior) performance in a year, while Gold servicers are smaller lenders who achieve a Tier One rating in Investor Reporting for two quarters in a calendar year, a Tier One rating in Default Management based on an averaged annual calculation, and maintain on average at least one seriously delinquent loan per month. Altogether, the Tier One recipients serviced approximately 76 percent of Freddie Mac's 10.4-million loan portfolio in 2006. 2006 Tier One Platinum Servicers Arvest Mortgage Company; Bank of America Consumer Real Estate; Bank of Oklahoma, N.A.; Chase Home Lending; CitiMortgage, Inc.; Colonial Savings, F.A.; Countrywide Home Loans, Inc.; Doral Financial Corporation; EverHome Mortgage Company; Fidelity Bank; First Federal Savings Bank (Rochester, IN); First Horizon Home Loan Corporation; Flagstar Bank, FSB; GMAC Mortgage; HSBC Mortgage Corporation (USA); IndyMac Bank, FSB; M&T Bank; National City Mortgage Company; PHH Mortgage Corporation; Provident Funding Associates; Regions Mortgage; Sovereign Bank; SunTrust Mortgage, Inc.; Taylor, Bean and Whitaker Mortgage Corp.; U.S. Bank Home Mortgage; Wachovia Mortgage Corporation; WaMu; and Wells Fargo Home Mortgage. 2006 Tier One Gold Servicers AMCORE Bank, N.A.; Busey Bank; Chemical Bank; HomeStar Bank; Hoosier Hills Credit Union; Johnson Bank; Liberty Savings Bank, FSB; R-G Crown Bank, FSB; Sidney Federal Savings and Loan Association; The Farmers Bank; and TIB - The Independent Bankers Bank. 2006 Hall of Fame Inductees AMCORE Bank, N.A.; Bank of America Consumer Real Estate; Chase Home Lending; Colonial Savings, F.A.; Countrywide Home Loans, Inc.; Doral Financial Corporation; First Horizon Home Loan Corporation; HSBC Mortgage Corporation (USA), M&T Bank; National City Mortgage Company; PHH Mortgage Corporation, Sovereign Bank; SunTrust Mortgage, Inc.; U.S. Bank Home Mortgage; and Wells Fargo Home Mortgage. For more information, visit http://www.freddiemac.com.