United Bank wins mort­gage award

In­vestor re­port­ing, fore­clo­sure avoid­ance earns ben­e­fits

The Covington News - - Local News -

United Bank re­cently achieved Fred­die Mac’s pres­ti­gious 2007 Tier One Gold per­for­mance rank­ing for ex­cel­lence in in­vestor re­port­ing and de­fault man­age­ment.

Ac­cord­ing to Fred­die Mac, one of the na­tion’s largest in­vestors in res­i­den­tial mort­gages, United Bank was one of only 26 mort­gage ser­vic­ing com­pa­nies na­tion­wide to meet this stan­dard. Na­tion­ally, ap­prox­i­mately 1,500 lenders ser­vice Fred­die- Mac owned loans.

“ I want to per­son­ally ap­plaud United Bank for its out­stand­ing com­mit­ment to fore­clo­sure avoid­ance and su­pe­rior in­vestor re­port­ing in one of the most chal­leng­ing mar­kets in re­cent me­mory,” said In­grid Beck­les, vice pres­i­dent of de­fault and as­set man­age­ment for Fred­die Mac. “ Fred­die mac Tier One Gold des­ig­na­tion goes to those few mort­gage ser­vicers whose su­pe­rior per­for­mance, ef­fi­ciency and ded­i­ca­tion to cus­tomer ser­vice set the stan­dard for our in­dus­try.”

Fred­die Mac ranks its ser­vicers each month on the ba­sis of per­for­mance bench­marks that cover a wide range of ac­tiv­i­ties such as in­vestor re­port­ing, min­i­miz­ing credit losses and help­ing delin­quent bor­row­ers avoid fore­clo­sure.

Based on their man­age­ment of ac­tive and delin­quent loans, ser­vicers are ranked in four tiers rang­ing from Tier One ( su­pe­rior re­sults) to Tier Four ( un­ac­cept­able re­sults).

Ser­vicers who achieved Tier One Gold re­ceived a Tier One rat­ing in the In­vestor Re­port­ing and Re­mit­ting cat­e­gory of the Ser­vicer Per­for­mance Profile for two quar­ters in 2007 and achieved a Tier One rat­ing in De­fault Man­age­ment on an av­er­age an­nual cal­cu­la­tion dur­ing a cal­en­dar year.

They re­ceive a num­ber of ben­e­fits such as free waivers, fi­nan­cial re­wards and na­tional recog­ni­tion.

“ Home Mort­gages have al­ways been a core part of United Bank’s busi­ness, and we’re for­tu­nate to have a great team of mort­gage em­ploy­ees. Th­ese em­ploy­ees’ ex­ten­sive ex­pe­ri­ence has been es­pe­cially valu­able dur­ing the past year and has al­lowed them to con­tinue to ad­vise cus­tomers and de­liver high qual­ity mort­gage prod­ucts even in a dif­fi­cult mar­ket,” said United Bank CEO Jim Ed­wards. “ Ev­ery Uniged Bank em­ployee is proud of the part we play in help­ing our cus­tomers con­tinue to re­al­ize the Amer­i­can dream of home own­er­ship, and we ap­pre­ci­ate Fred­die Mac’s recog­ni­tion.”

For more in­for­ma­tion about res­i­den­tial mort­gage in­vestors or Fred­die Mac, visit www. fred­diemac. com.

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