Ocwen Financial Corporation, a financial services holding company based in West Palm Beach, Florida, has announced that the company was named a Fannie Mae Servicer Total Achievement and Rewards (STAR) Performer for 2017. The STAR Program recognition is reserved for top performing servicers within one or more of three STAR Performer categories: general servicing, solution delivery, and timeline management. For the 2017 STAR Program year, Ocwen received a STAR Performer for general servicing, solution delivery, and timeline management.
“We are extremely proud to receive the STAR award from Fannie Mae across all three categories,” said Scott Anderson, EVP and Chief Servicing Officer of Ocwen. “This recognition is another proof point of our team members’ high standards, accountability, and commitment to service excellence as well as the company’s focus on continuous improvement in our systems and processes.”
The STAR Program is based on a continuous improvement model designed to consistently "raise the bar." STAR Performers are identified using operational assessment results based on Servicer Capability Model ratings across each key functional area, including a review of relevant people strategies, processes, and applicable metrics.
According to Fannie Mae's official website for the program, the STAR Program is a performance management and recognition program based on a consistently applied framework to clearly define industry standards and leading practices. The program seeks to align servicer performance with Fannie Mae’s goals, provide a consistent methodology for measuring servicer performance, reduce Fannie Mae’s credit losses by setting targets/expectations, understand and communicate leading practices across the servicing community, and identify and recognize our highest performing servicers.