Fannie Mae Announces Year-End Servicer Performance Scorecard Results
By Daniel Edstrom
DTC Systems, Inc.
Quote from news release dated March 15, 2012:
The STAR Program was created to establish standards and recognize excellence among Fannie Mae servicers in their overall performance, customer service, and foreclosure prevention efforts.
Overall STAR performance rankings are issued on an annual basis each April.
Apparently Fannie Mae missed the flood of Cease and Desist Consent Orders issued by various government regulators on April 13, 2011 for unsafe or unsound foreclosure policies and practices. The government regulators were the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Federal Housing Finance Agency.
Fannie Mae has apparently missed the fact that nothing has changed and the servicers are not abiding by the Cease and Desist Consent Orders, unless they are doing this in secret or on a limited basis.
Here is the text of the news release, followed by the STAR Scorecard results for the previous quarters in 2011. Continue reading