|
(Mason City, Iowa)- First Citizens National Bank
recently achieved Freddie Mac’s prestigious 2005 Tier One performance
ranking for excellence in investor reporting and default management for
two or more quarters during the year. According to Freddie Mac, one of
the nation’s largest investors in residential mortgages, First Citizens
National Bank was one of only 84 servicing companies nationwide to meet
this standard. Nationally, approximately 1,500 lenders service Freddie
Mac-owned loans.
“I want to personally applaud First Citizens for consistently achieving
remarkable results through hard work, persistence and a commitment to
excellence,” said Janet Eakes, senior vice president of single family
sourcing operations for Freddie Mac. “Our Tier One rankings go only to
those few mortgage servicers whose superior performance, efficiency,
and dedication to customer service sets the benchmark for the rest of
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).
Servicers who achieve the top Tier One ranking for at least two
quarters in a calendar year receive a number of benefits, such as
enhanced workout incentives, fee waivers, financial rewards and
national recognition.
Freddie Mac is a stockholder-owned corporation established by Congress
in support of homeownership and rental housing. Freddie Mac purchases
single-family and multifamily residential mortgages and
mortgage-related securities, which it finances primarily by issuing
mortgage pass through securities and debt instruments in the capital
markets. Over the years, Freddie Mac has opened doors for one in six
homebuyers and more than two million renters in America. For more
information, visit
www.freddiemac.com.
First Citizens National Bank is a community bank with 11 locations in
nine communities across North Iowa. For more information about First
Citizens National Bank, please visit their Web site at
www.firstcitizensnb.com. |
