Three CUs Named Freddie Mac Tier One Gold Servicers
McLEAN, Va. - Freddie Mac has named three credit unions as being among the 84 single-family mortgage servicers that achieved Tier One Platinum or Tier One Gold performance rankings for superior investor reporting and default management during 2005. Included in the list of 52 Tier One Gold Servicers are: 66 FCU, Allegacy FCU, and Royal CU. The list of Tier One Platinum Servicers included 32 names. There were no CUs in this group. Freddie Mac ranks its servicers against monthly performance benchmarks for investor reporting, minimizing credit losses, and helping delinquent borrowers avoid foreclosure. Tier One Platinum rankings are given to larger servicers for at least two quarters of Tier One (superior) performance. Gold Servicers are smaller lenders who achieve a Tier One rating in investor reporting for two quarters in a calendar year, a Tier One rating in default management based on an averaged annual calculation, and maintain on average at least one seriously delinquent loan per month. Altogether the Tier One recipients serviced approximately 75% of Freddie Mac's 10.4-million loan portfolio in 2005.