Flagstar Bank recently achieved Freddie Mac's prestigious 2007 Tier One Platinum performance ranking for excellence in investor reporting and default management. According to Freddie Mac, one of the nation's largest investors in residential mortgages, Flagstar Bank was one of only 24 servicing companies nationwide to meet this standard. Nationally, approximately 1,500 lenders service Freddie-Mac owned loans.
"I want to personally applaud Flagstar 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 Platinum designation goes to those very few mortgage servicers whose superior performance, efficiency, and dedication to customer service set the standard for our industry."
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).
Flagstar Bank is a subsidiary of Flagstar Bancorp (NYSE: FBC), a bank holding company headquartered in Troy, Mich. With $15.8 billion in assets at December 31, 2007, Flagstar Bancorp is the largest publicly held savings bank headquartered in the Midwest. Flagstar operated 164 banking centers in Michigan, Indiana and Georgia and 143 home loan centers in 27 states at year- end 2007. Flagstar originates home loans nationwide and is one of the leading originators of residential mortgages. Flagstar Bank offers FHA, VA, Jumbo, Construction, HELOC, Zero Down Purchase Loans, and all conventional products for refinancing and purchasing. "We are very thankful to have received this award" said Sr. Loan Officer Mike Medsker.