PHH Mortgage recognized as a 2024 Fannie Mae STAR Performer for excellence in mortgage servicing for the fourth consecutive year.
Quiver AI Summary
PHH Mortgage, a subsidiary of Onity Group Inc., announced that it has once again achieved Fannie Mae’s 2024 Servicer Total Achievement and Rewards™ (STAR™) Performer recognition in the General Servicing category, marking its fourth consecutive year receiving this honor. Executive Vice President Scott Anderson expressed gratitude for the recognition, attributing the achievement to the team's dedication to operational performance and customer service. The STAR Performer award evaluates servicers based on various performance metrics, and PHH currently services around 1.4 million loans, representing over $300 billion in principal balances for a wide range of clients. Onity Group, headquartered in West Palm Beach, Florida, is a major player in non-bank financial services, focusing on mortgage servicing and reverse mortgage solutions.
Potential Positives
- PHH Mortgage was recognized as a Fannie Mae STAR Performer for the fourth consecutive year, highlighting its excellence in mortgage servicing.
- This recognition positions PHH as a top performer in the industry, enhancing its reputation among clients and investors.
- The achievement reflects the Company's commitment to superior operational performance and innovative technology solutions, which may attract new business opportunities.
- PHH managed approximately 1.4 million loans with a total unpaid principal balance exceeding $300 billion, indicating substantial market presence and operational capabilities.
Potential Negatives
- While achieving the Fannie Mae STAR Performer recognition is a positive highlight, it may indicate that there is heightened competition in the mortgage servicing industry, raising concerns about maintaining future performance against potentially emerging rivals.
- The fact that the press release focuses heavily on the recognition from Fannie Mae could suggest that the company might be facing challenges in other areas of its operations that they are not disclosing.
- The press release does not provide any financial information or future growth projections, which might raise concerns among investors about the company's overall financial health or strategy moving forward.
FAQ
What is PHH Mortgage's recent achievement?
PHH Mortgage was recognized as a Fannie Mae 2024 Servicer STAR Performer in the General Servicing category.
How many years has PHH Mortgage received the STAR Performer recognition?
PHH Mortgage has earned the STAR Performer recognition for four consecutive years.
What metrics determine Fannie Mae's STAR Performer recognition?
The recognition is based on performance in General Servicing, Solution Delivery, and Timeline Management metrics.
How many loans does PHH Mortgage service?
As of December 31, 2024, PHH serviced or subserviced approximately 1.4 million loans totaling over $300 billion.
What types of mortgages does PHH Mortgage service?
PHH Mortgage services forward, reverse, business purpose residential, and small-balance commercial mortgages.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
WEST PALM BEACH, Fla., March 06, 2025 (GLOBE NEWSWIRE) -- PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced the Company achieved Fannie Mae’s 2024 Servicer Total Achievement and Rewards™ (STAR™) Performer recognition in the General Servicing category. PHH has earned STAR Performer recognition for four consecutive years.
“We are honored to be recognized again by Fannie Mae for excellence in mortgage servicing, and we want to thank our team for their hard work and dedication toward maintaining superior operational performance and creating positive outcomes for our customers,” said Scott Anderson, Executive Vice President and Chief Servicing Officer of PHH Mortgage. “We have built a servicing platform that delivers industry-leading performance, supported by an experienced team with a customer-first focus and innovative technology solutions. We are proud of the work we do for our customers, clients, investors and the housing industry, and we look forward to continuing to deliver on our commitments to all those we serve.”
STAR Performer recognition is reserved for top performing servicers. For 2024, STAR Program participants are measured on the basis of their performance managing General Servicing (Transition to 60+ and Investor Reporting Score), Solution Delivery (60+ to Cure, Retention Efficiency, Liquidation Efficiency, and Six-Month Modification Performance), and Timeline Management (Transition to Beyond Time Frame). Each servicer’s performance in these metrics is compared against the performance of other Fannie Mae loans with similar credit characteristics.
PHH serviced or subserviced approximately 1.4 million loans with a total unpaid principal balance of more than $300 billion on behalf of approximately 4,000 investors and 125 subservicing clients as of December 31, 2024. The Company’s extensive servicing capability includes forward, reverse, business purpose residential and small-balance commercial mortgages.
About Onity Group
Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com .
For Further Information Contact:
Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
[email protected]
