Freddie Mac Names TIB As One Of Nation’s Top Mortgage Servicers
May 1, 2008
TIB-The Independent BankersBank (TIB) 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, TIB 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 TIB 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.”
TIB President and CEO, Michael O’Rourke added, “We are extremely fortunate to have such a talented and dedicated staff in our Mortgage Division. As everyone knows, this market has been turbulent, at best, over the last several months. However, true to our mission, TIB has adhered to strict guidelines on the types of loans we originate and service. So, as a large portion of the mortgage industry has been suffering, we have actually seen our mortgage business, as well as that of many of the banks we serve, experience a significant increase.”
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 their 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 fee waivers, financial rewards and national recognition.
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