Program provides incentives for mortgage servicers to deliver positive customer experiences
In a bid to address rising mortgage delinquency rates, Freddie Mac has launched a new program that seeks to recognize mortgage servicers that deliver the kind of positive customer experience that prevents delinquencies.
The Service Honors and Rewards Program (SHARP) rewards servicers for great customer service and helpful efforts to limit delinquencies.
As part of Freddie Mac’s ‘Reimagine Servicing Initiative,’ the program will review a servicer’s performance as calculated by specific servicing limits, benchmarks, and other requirements. SHARP is a simple, automatic rewards program that is based on the Servicer Success Scorecard ranking. Servicers with over 20,000 Freddie Mac master-serviced loans are automatically enrolled in the program.
“As of December 2018, Freddie Mac’s serious delinquency rate was 0.69%, which is the best in the industry,” said Yvette Gilmore, vice president of servicer relationship and performance management at Freddie Mac. “Now is the time for our servicers to get SHARP and further improve servicing performance. Next year’s winners will be recognized based on the good work being done in 2019.”
“Freddie Mac believes in loan servicing by, for and about servicers – that is our compass to reimagine servicing. Our goal is to build on Freddie Mac’s amazing client service momentum and ensure that servicers are recognized for their dedication to smart servicing and support of borrowers throughout the homeownership lifecycle,” Gilmore said.
