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HUD ranks Colonial Savings, F.A. Third in Nation in Loss Mitigation.
FORT WORTH, TEXAS, May 28, 2002 -- The Department of Housing and Urban Development has announced that Colonial Savings, F.A. ranks third in the nation out of a field of 38 mortgage servicers in its medium-high volume peer group for fiscal year 2001 for loss mitigation workouts on all defaulted loans. This is the first time Colonial Savings, F.A., a continuous FHA tier-one, FHLMC tier-one and FNMA 2001 award-winning servicer, has placed this high nationally among servicers for its overall loss mitigation performance. Last year Colonial ranked 14th out of 40 in its medium-high volume peer group.
HUDs rating highlights Colonial Savings success in comparison with other mortgage lenders when providing loan counseling and loss mitigation workouts for first time
homebuyers and borrowers in under-served areas. By scoring in the top 25% of its peer group, Colonial Savings will now receive additional loss mitigation and loan counseling incentives from HUD that will further enhance its ability to offer additional loss mitigation programs to defaulted borrowers. Likewise, Colonial Savings will receive an automatic reimbursement increase from 67% to 75% for foreclosure expenses on loans that have loss mitigation attempts after May 31, 2002.
The actual Loss Mitigation score of -0.908 earned by Colonial was derived using a formula that measures a servicers ability to hold down its default rate, as it compares to the overall dollar/cost loss potential from foreclosed FHA loans. Colonial Savings accomplished its results by implementing the entire current loan counseling, loss mitigation, bankruptcy and foreclosure/claims programs recommended by HUD to reinstate and/or rehabilitate loans from default.
About Colonial Savings
Founded in 1952, Colonial Savings F.A. is a comprehensive financial services corporation headquartered in Fort Worth, Texas, and is one of the largest servicers of
mortgage loans in the United States with a servicing portfolio of $7 billion. Its primary business channels are all designed to complement the mortgage origination operation. Colonial National Mortgage provides retail loan origination services to borrowers, builders and realtors, as well as mortgage brokers. Its credit union division, CU Members Mortgage, provides mortgage services to more than 300 credit unions nationwide. Colonial Savings also operates seven depository branches throughout the Dallas-Fort Worth Metroplex with total deposits exceeding $500 million, providing full service banking and consumer loan products. The company is also affiliated with Colonial Life Insurance Company of Texas, Colonial Lloyds, and DuBose and Associates Insurance. With assets of $1 billion, the company originates more than $2 billion in FHA,
VA, conventional and innovative single close construction loans annually. Colonial Savings, F.A. is privately held and has been awarded a Five Star Rating from Bauer Financial, the countrys leading analyst of banks, credit unions and thrifts.
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