DALLAS, TX (September 23, 2013) -- Just over halfway through 2013, Mortgage services provider CU Members Mortgage’s parent company Colonial Savings, F.A., was included once again in the STAR designation list (Servicer Total Achievement and Rewards) from the Federal National Mortgage Association (Fannie Mae). CU Members Mortgage is the largest division of Colonial Savings lending division and the growing servicing portfolio for more than 154,000 loans consists widely of credit union members. The company produced results on Fannie Mae’s STAR Scorecard at or above median levels relative to its peers for the first half of 2013.
CU Members Mortgage, which performed equally as well in Fannie Mae’s STAR Program last year, covered specific operational metrics driving overall servicer performance and foreclosure prevention results include:
- 90+ Days Delinquent to Better: Servicers’ ability to reach out and assist borrowers that are 90 days or more behind on their mortgage with a solution to improve their payment status.
- Retention Efficiency: Servicers’ ability to quickly and efficiently help borrowers avoid foreclosure and remain in their homes.
- Liquidation Efficiency: Servicers’ ability to offer alternative solutions to foreclosure through short sales and mortgage release.
CU Members Mortgage exceeded the program’s Retention Efficiency metric, which measures the rate servicers are providing retention solutions to delinquent homeowners. It is measured as the number of trial modifications and completed repayment plans over the number of seriously delinquent accounts being serviced. Servicers who perform favorably in this metric engage homeowners with a solution in early stages of delinquency.
For additional insight into the leading practices of servicers’ foreclosure prevention strategies as recognized by Fannie Mae and the STAR Program, visit http://bit.ly/14VEBbl.
“Our mortgage servicers’ efforts are critical to keeping people in their homes, preventing foreclosures and stabilizing communities,” said Leslie Peeler, Senior Vice President of Fannie Mae’s National Servicing Organization. “With our expanded 2013 mid-year assessment, we continue to recognize servicers that are on track to meet overall performance scorecard goals while also recognizing more servicers that are top performers in specific operational areas. We are working hard to share more information regarding our STAR assessment process so the industry can more easily identify and adopt best practices for the benefit of homeowners.”
“We’re proud to be included in Fannie Mae’s STAR Program listing again this year,” states Linda Clampitt, Senior Vice-President of CU Members Mortgage. “This inclusion shows that we are doing the right things for our clients so they can be equally if not more successful – which bodes well for the consumer looking to buy a home. The products will be there, the service will be there, and credit unions will be there to provide it all to members looking for a quality mortgage loan.”
About CU Members Mortgage
Founded in 1982 as a division of Colonial Savings, Dallas-based CU Members Mortgage provides comprehensive mortgage services to more than 1,000 credit unions, CUSOs, and leagues nationwide. CU Members Mortgage originates more than $2 billion in FHA, VA, and conventional loans each year. With a portfolio of $20 billion, it is one of the largest servicers of mortgage loans in the United States. Advanced technology, including a dedicated website with an online mortgage application that delivers confirmation in minutes, makes CU Members Mortgage one of the industry’s leading resources for mortgage services. The company is privately held and has branches located nationwide. For more information, visit: www.cumembers.com.