PMI Mortgage creates servicer reward program for foreclosure prevention
PMI Mortgage Insurance Co. developed a program that recognizes high-performing servicers with a specialty title designation. "Our new MODEL servicer program is designed to recognize best-in-class servicers for the work they're doing to prevent foreclosures," said Chris Hovery, PMI senior vice president of servicing operations and loss mitigation. "PMI believes servicers that have demonstrated effective use of these best practices deserve recognition for the positive impact they have in preserving homeownership in communities nationwide." The company, which is a unit of The PMI Group (PMI), said servicers who receive superior marks on its servicer scorecard and service more than 500 PMI-insured delinquent loans qualify to participate in the program. Servicers must apply and then abide by the firm's best servicing practices and customary servicing standards. Benefits of the new designation include the ability to use the logo for recognition, fewer foreclosure claims reviews by PMI, and exemption from compliance investigations. A full list of eligibility requirements and rewards benefits can be found on PMI's website. Earlier this week, PMI announced plans to launch a new mortgage insurance unit, as Standard & Poor's analysts lowered ratings on the company. HousingWire recently recognized several mortgage industry firms, including servicing, for excellent performance in their respective concentration areas at the Pinnacle Awards Ceremony at REO Expo. Wells Fargo (WFC) and Vendor Resource Management won the most awards. Write to Christine Ricciardi.