STAR Administrator – Total Rewards and Achievement Program for Mortgage Administrators

As the dispute continues with investigations of 50 states across the country, loan servicers who are responsible for collecting bills for mortgage payments and other aspects of mortgage servicing for investors, the government has drawn the government’s attention. about the malfunction of these companies. Fourteen companies have been reviewed and all found to be in violation of foreclosure laws. Fannie Mae and other government agencies have been discussing how to better improve our mortgage services and loans here in the United States. Fannie Mae has created a performance program to help mortgage servicers do well and stay within the limits of the law. Ultimately, this will help ensure the health of our housing economy and help support the housing recovery.

The administrators will not only face no procedure, but will also face severe fines as a group entity. These fees could amount to more than 20 million; however, this is only an estimate of what they could be paying for violating foreclosure laws.

Fannie Mae announced STAR (Total Achievement and Administrator Rewards) Wednesday; The program is designed to better assist you and will help examine how servicers help homeowners avoid foreclosure. The goal of this new program is to set clear expectations and specific actions to help Fannie Mae and servicers focus more on avoiding foreclosure.

As more and more news emerges about how servicers have violated foreclosure laws, this program is an ongoing effort to hold servicers accountable. So how will this work? Each manager will be given a manager performance scorecard, which in turn will provide feedback on a monthly basis. With this program, you should help administrators see where they need improvement and overall performance. Senior managers will be eligible to receive monthly incentive awards and recognition. In addition, the performance of the highest ranking administrators will be made public in an annual scorecard. Many believe this program will help improve customer service for homeowners, assist with home recovery, and keep managers on track.

This will also help the federal government establish guidelines and regulations for the mortgage servicing industry. As the government reviews the mortgage industry and the banking industry to find a solution and prevent another financial crisis, it looks like there will be many changes in the coming months and years. As we wait and see if the HAMP program and other federal programs will stick, it’s good to know that managers will now be better regulated in hopes of making the homeownership experience safer for everyone.