United Bank wins mortgage award
Investor reporting, foreclosure avoidance earns benefits
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.