Freddie Mac announced last week that it had selected 26 mortgage servicers for its Tier One designation, as well as eight inductees into its Tier One Hall of Fame. Tier One status is granted to servicers that it recognizes for diligent investor reporting, minimized credit losses by helping delinquent borrowers overcome short-term financial difficulties and by the avoidance of foreclosures.
In 2003, the Hall of Fame recipients serviced 38 percent of the 10 million loans owned by Freddie Mac, while the Tier One recipients serviced an additional 26 percent of Freddie Mac's loans. Servicers that achieve Tier One status for at least two quarters in a year receive a number of benefits, including fee waivers, financial rewards and national recognition.
Freddie Mac Tier One Servicer Designates:
* Alliance Mortgage Co.*; Guaranty Residential Lending, Inc.;
* AMCORE Mortgage, Inc.; HSBC Mortgage Corp.*;
* Bank of America Mortgage*; IndyMac Bank;
* Cendant Mortgage Corp.; M&T Mortgage Corp.;
* Chase Home Finance; Matrix Financial Services Corp.;
* Chevy Chase Bank, FSB*; National City Mortgage Co.*;
* Colonial Savings; Principal Residential Mortgage, Inc.;
* Commercial Federal Bank; Regions Mortgage; Sovereign Bank;
* Countrywide Home Loans, Inc.*; SunTrust Mortgage Inc.;
* Doral Mortgage Corp.; U.S. Bank Home Mortgage;
* Fifth Third Bank; Ulster Savings Bank;
* First Horizon Home Loan Corp.*;
* Washington Mutual Bank, FA; and Wells Fargo Home Mortgage, Inc.*
Source: Freddie Mac * indicates Hall of Fame selection.