Colonial Savings Is Hall of Famer
Colonial Savings has been selected for Freddie Mac's 2004 Tier One Hall of Fame, the second consecutive year the bank has received this recognition for investor reporting and default management.
Colonial Savings was one of 12 lenders honored as a "Hall of Fame" servicer this year by Freddie Mac. Lenders with Tier One performance in four or more consecutive years receive the honor from Freddie Mac.
Barry Baker, collections and default manager at Colonial Savings, said in a news release that the company has achieved five consecutive years of Tier One ratings.
"Only Colonial Savings, Bank of America, Chase, Wells Fargo and Countrywide can make that claim," he said.
Mr. Baker said changes to make the Tier One benchmarks more difficult for 2004 mean that this year's achievement is all the more rewarding.
"We had to have zero foreclosure timeline penalties from delinquency to REO," he said. "An entire army of people working in tandem made it work right."
Colonial Savings, parent of Colonial National Mortgage, has a servicing portfolio of $8 billion mortgage loans.
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