Freddie Mac has recently awarded BOK Mortgage their 2007 Tier One Platinum performance ranking for excellence in investor reporting and default management.
According to Freddie Mac, BOK Mortgage was one of only 50 servicing companies nationwide to meet the high standards associated with the listing. Nationally, approximately 1,500 lenders service Freddie Mac-owned loans.
In addition, BOK Mortgage is one of only 15 companies to enter Freddie Mac’s Tier One Hall of Fame, a distinction limited to servicers who have sustained this high level of performance for at least four years.
Freddie Mac is one of the nation’s largest investors in residential mortgages. The organization 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.
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 rating 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.
Companies that sustain Tier One ratings for at least two quarters each year for four consecutive years without incurring foreclosure timeline penalties during the timeframe are named to the annual Hall of Fame and receive additional incentive rewards.
Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made homes possible for one in six homebuyers and more than four million renters in America.
BOK Mortgage is part of Bank of Oklahoma, N.A., a subsidiary of BOK Financial Corporation.