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Colonial Savings Receives Freddie Mac Tier One Award for
Superior Performance in Mortgage Servicing
FORT WORTH, TEXAS, FEBRUARY 21, 2003 -- Freddie Mac, a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders, has awarded Colonial Savings its Tier One Rating for quality mortgage servicing in 2002. It is the third consecutive time that Colonial Savings has received the prestigious designation, and the company is one of just 29 in the nation to qualify for Tier One status in the past year. Tier One Mortgage Servicers consistently demonstrate superior performance in the areas of investor reporting and default management to help homeowners avoid foreclosure.
"We heartily congratulate the companies that achieved overall Tier One Status," said Mike May, Single Family Senior Vice President and Chief Operating Officer at Freddie Mac. "These companies are at the forefront of the industry in keeping costs down in the mortgage business, enabling the secondary market to work as efficiently as possible and keeping families in homes."
Jim DuBose, President of Colonial Savings, attributes the award to the dedication of the companys 94-member Servicing Department, led by Cary Adams, Senior Vice President. "The employees in our Servicing Department are long-tenured, highly experienced and conscientious in their efforts to help homeowners avoid foreclosure. The award is even more significant during a year in which originations reached record levels at Colonial, adding tremendous volume to our servicing portfolio."
Tier One Status also brings financial rewards in the form of incentives paid to companies for their loss mitigation efforts, including settled workouts and certain partial reinstatements of loans in foreclosure. When 2002 Tier One incentives are completed, Freddie Mac will have paid more than $9.6 million in rewards for excellent overall servicing performance during the past five years.
About Colonial Savings
Founded in 1952, Colonial Savings F.A. is a national, multi-service financial institution headquartered in Fort Worth, Texas, and is one of largest servicers of mortgage loans in the United States, with a servicing portfolio exceeding $7 billion. It is the parent company of Colonial National Mortgage, a leading residential mortgage lender; CU Members Mortgage, which provides mortgage services to credit unions nationwide; and Colonial Savings, a network of top-rated, banks located throughout North Central Texas. It is also affiliated with Colonial Life Insurance Company of Texas and DuBose & Associates Insurance. The privately held company provides a full array of personal financial products and originates more than $2 billion in FHA, VA, conventional and innovative single close construction loans annually.
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