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Atlantic Gets Top Loss Mit Score.
Of its 11 largest servicers, the Federal Housing Administration has awarded a subsidiary of ABN Amro Mortgage Group its highest loss mitigation score.
Atlantic Mortgage and Investment, Jacksonville, Fla., which services 109,600 FHA loans, is now entitled to receive higher reimbursements for foreclosure costs than most other FHA servicers, plus an additional $100 bonus for providing special forbearance to troubled borrowers.
Three other "high volume" servicers - Bank of America, Charlotte, N.C., Citimortgage Inc., O'Fallon, Mo., and Principal Residential Mortgage, Des Moines - made the cut and they will receive the loss mitigation incentives also. (Citimortgage recently completed its acquisition of Principal.)
In 2003, Bank of American had the highest score, followed by Midland Mortgage Co., Oklahoma City, and Wells Fargo Mortgage Corp., San Francisco. But Midland and Wells Fargo did not make the cut this year.
FHA Mortgagee Letter 2004-30 contains the loss mitigation scores for 193 servicers and breaks them into five groups based on the size of their FHA servicing portfolios.
Many servicers are not ...
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Source: HighBeam Research, Atlantic Gets Top Loss Mit Score.