ServiceMac Recognized by Fannie Mae as a 2023 STAR Performer Award Winner

Rhea-AI Summary

ServiceMac, a loan servicer, has achieved top ratings in the U.S. after four years of operations.

—Four years after onboarding its first loan, ServiceMac has become one of the top-rated servicers in the U.S.—

FORT MILL, S.C.--(BUSINESS WIRE)-- ServiceMac, an innovative mortgage subservicer and a member of the First American family of companies, today announced the company has been honored as a Fannie Mae 2023 Servicer Total Achievement and Rewards™ (STAR™) Performer award recipient in the General Servicing category. Fannie Mae’s STAR Program recognizes high-performing mortgage servicers for competency, capacity and overall performance.

“We founded ServiceMac to eliminate all of the obstacles servicers face in maximizing their efficiency and managing portfolio risk, while providing superior customer service,” said Bob Caruso, president and CEO of ServiceMac. “This recognition from Fannie Mae validates our approach, which combines our proprietary subservicing technology platform with industry-leading customer support delivered by our expert staff members.”

Since 2011, Fannie Mae’s STAR Program has enabled broad and lasting improvements across the mortgage servicing industry by promoting servicing knowledge and excellence.

“Our servicing partners' success is essential to achieving Fannie Mae’s goal of preserving homeownership and maintaining the safety and soundness of our business,” said Cyndi Danko, senior vice president and Single-Family chief credit officer, Fannie Mae. “We're proud to recognize our top-performing STAR Program servicers and their commitment to ensuring operational excellence, reducing credit loss, and continuously improving the overall homebuyer experience.”

Founded in 2017 and acquired by First American in October 2021, ServiceMac onboarded its first portfolio in 2019 and now services over $240 billion in loans for first and second mortgage portfolios. The company has rapidly grown on the foundation of its robust technology, industry-leading risk management and compliance tools, top-quality customer service and experienced team members. ServiceMac supports mortgage servicing rights holders, master servicers, borrowers and subservicing needs with more effective and efficient servicing workflows.

About ServiceMac, LLC

ServiceMac, LLC, a member of the First American family of companies, is focused on providing superior technology, products and services for the mortgage industry backed by highly customized service and support. The innovative mortgage subservicing company offers lenders, investors and other mortgage servicers customized solutions that span the mortgage continuum and enhance security, customer satisfaction and profitability. More information can be found at https://info.servicemacusa.com/about-us.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $6.0 billion in 2023, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2023, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the eighth consecutive year and was named one of the 100 Best Workplaces for Innovators by Fast Company. More information about the company can be found at www.firstam.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221779561/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: ServiceMac, LLC

FAQ

What is the significance of ServiceMac achieving top ratings in the U.S.?

ServiceMac has become one of the top-rated loan servicers in the U.S. after four years of operation, showcasing its success and reliability in the industry.

How long has ServiceMac been operating?

ServiceMac has been operating for four years before achieving top ratings in the U.S.

Where is ServiceMac based?

ServiceMac is based in Fort Mill, South Carolina.