Freddie Mac posted details about its new Servicing Success Program Monday as the government-sponsored enterprise prepares for the Aug. 1 launch of the initiative.
Through the program, Freddie hopes to offer servicers a more "robust and balanced approach" to setting standards for what the GSE expects from its servicing clients in the field.
The program will not only set performance bars, but will provide a stream of feedback on servicer strengths and weaknesses. It also will allow for open dialogue to give servicers the information they need to improve the performance of their portfolios.
Freddie's Servicing Success Program directly evaluates each servicer's performance when it comes to investor reporting, remitting and default management.
Through the program, Freddie will rank servicers monthly based on points they earned when servicing loans the previous month. The August rankings will be available on each servicer's performance profile Web page starting Oct. 7. This ranking system will replace Freddie's traditional performance-tiered rankings.
"Today's announcement marks the beginning of a significant advance in the scope and sophistication of servicer performance management," said Tracy Mooney, senior vice president of single-family servicing and REO at Freddie Mac. "The robust, balanced approach we are launching in 2011 underscores Freddie Mac's commitment to invest in the future of U.S. homeownership by strengthening servicing practices and enabling servicers to more effectively preserve homeownership."
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