Twenty-six single-family mortgage servicers have been honored by Freddie Mac for achieving its Tier One performance rankings, the government-sponsored enterprise has announced.The designation was given to servicers whose management of performing and nonperforming loans was deemed superior for two or more quarters in 2003. Tier One status brings with it fee waivers, financial rewards, and national recognition, Freddie Mac said. The government-sponsored enterprise ranks servicers in four tiers based on their investor reporting and default management. In addition to designating the Tier One servicers for 2003, Freddie Mac also inducted eight of the 26 servicers into its Tier One Hall of Fame for achieving Tier One status four years in a row. They are: Alliance Mortgage Co.; Bank of America Mortgage; Chevy Chase Bank FSB; Countrywide Home Loans Inc.; First Horizon Home Loan Corp.; HSBC Mortgage Corp. (USA); National City Mortgage Co.; and Wells Fargo Home Mortgage Inc.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24