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Colonial Savings named to Freddie Mac Tier One Hall of Fame
FORT WORTH, TEXAS (March 9,2005) - Colonial Savings, F.A. is one of only 12 mortgage servicers nationwide to have been selected for the Freddie Mac 2004 Tier One Hall of Fame, the prestigious ranking of performance excellence in investor reporting and default management. It is the second consecutive year that Fort Worth-based Colonial Savings has achieved this recognition.
More than 1,500 lenders service Freddie Mac loans nationally, and 23 were selected as 2004 Tier One honorees for achieving at least two quarters of excellence last year. Those lenders with Tier One reporting excellence four or more consecutive years are selected for the Hall of Fame.
"This is the second straight year weve received the Hall of Fame award, and our fifth straight Tier One rating," said Barry Baker, Collections and Default Manager of Colonial Savings. "Only Colonial Savings, Bank of America, Chase, Wells Fargo, and Countrywide can make that claim. This is a big, big deal all the way around."
Freddie Mac sets benchmarks for its servicers and ranks them monthly from Tier One (superior) to Tier Four (unacceptable). Reaching those benchmarks primarily is based on timely investor reporting and superior default management. Default management minimizes credit losses by helping delinquent borrowers overcome short-term financial difficulties and avoid foreclosures.
"Colonial Savings achieved Tier One status through hard work, persistence and commitment to be the best," said Janet Eakes, senior vice president of mortgage sourcing operations for Freddie Mac.
Baker said changes to make the benchmarks more difficult for 2004 made this years achievement more rewarding. "We had to have zero foreclosure timeline penalties from delinquency to REO...very, very difficult," he said. "An entire army of people working in tandem made it work right."
Service providers that achieve the Tier One rating receive benefits such as enhanced workout incentives, fee waivers, financial rewards and national recognition. Since 1998, Freddie Mac has paid out more than $12 million in performance rewards and incentives.
About Freddie Mac
Freddie Mac is a stockholder-owned corporation established by Congress in support of home ownership and rental housing. Freddie Mac purchases single-family and multi-family residential mortgages and mortgage-related securities. For more information, go to www.freddiemac.com.
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 nation with a servicing portfolio of $8 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 400 credit unions nationwide. Colonial Savings also operates seven depository branches throughout the Dallas-Fort Worth Metroplex, 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 $1.1 billion, Colonial Savings, F.A. is privately held and has also been awarded a Five Star Rating from Bauer Financial, Fannie Maes "Excellence in Servicing" award, and the Department of Housing and Urban Developments "Best Practice" award. For more information go to www.ColonialSavings.com.
For interviews, photos or more information, contact Janet Walter at 817-877-9528 or email janetw@colonialsavings.com.
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