If you are actively working short sales, then you probably already have your little (or big) black book of contacts—you know, the folks at the banks that you turn to when the traditional route isn’t going your way. Well, what would you do if you didn’t have that little black book?
You probably also have your list of banks that are your faves and banks that you try to avoid like the Plague. Fannie Mae has started to rate the banks just like we all do each and every day—except that their grading system may have a little more clout than yours and mine.
According to a recent article on dsnews, there are still a number of servicers that rank below median performance level as of the first half of the year, according to Fannie Mae’s Servicer Total Achievement and Rewards (STAR) Program. Fannie Mae began this program in February and the mid-year results are now in.
While more results are forthcoming, here are some of the banks that have already received three (out of five) stars: GMAC Mortgage, LLC, Citi Mortgage, Inc., Everhome Mortgage, and Wells Fargo Bank, Fifth Third Bank, The Huntington National Bank, HSBC Mortgage Corporation, Aurora Financial Group Inc., and Regions Bank and Central Mortgage Company.
It is interesting to note which banks are clearly absent from the list. Perhaps they are part of the third group with forthcoming results or…. well, read between the lines.
Short Sale Expeditor
