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CU Members Mortgage's Servicing Department Makes Fannie Mae STAR Program for First Half of 2013
Wednesday, September 25, 2013 6:55 AM

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.

 “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.” 

CU Members Mortgage is a three-star business partner of Credit Union Resources. To learn more about the business partners of CU Resources, please visit www.curesources.coop/partners.html.