Colonial Savings gets high ranking, more HUD perks
By Amber Lee Letsche
Fort Worth Business Press, June 21, 2002
The Department of Housing and Urban Development 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 the fiscal year 2001 for loss mitigation workouts on all defaulted loans. This is the first time Colonial has placed this high nationally. Last year it ranked 14th out of 40.
By scoring in the top 25 percent of its peer group, Colonial will receive additional loss mitigation and loan counseling incentives from HUD that will further enhance its ability to offer additional mitigation programs to defaulted borrowers. Likewise, Colonial will receive an automatic reimbursement increase from 67 percent to 75 percent for foreclosure expenses on loans that have loss mitigation attempts after May 31, 2002.
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