Poughkeepsie, New York – September 21, 2009
Hudson Valley Federal Credit Union (HVFCU) announced today that its Real Estate Servicing and Collection Departments have received a Tier One Gold award from the Federal Home Loan Mortgage Corporation, also known as Freddie Mac.
Douglas Stainton, Director of Real Estate Services at HVFCU, says, “The Tier One Gold program is for small to mid-sized institutions such as ours. The award we received signifies a ‘best-in-class’ recognition for the way we service our mortgages. Freddie Mac establishes clear and stringent servicing requirements and goals. It then compares our performance to those goals. We received the Tier One Gold award for achieving and maintaining the very highest levels of service.”
As a Tier One Gold servicer, HVFCU will receive several financial and professional rewards from Freddie Mac that will help the credit union strengthen its real estate servicing capabilities.
Freddie Mac was created in 1970 to expand the secondary market for mortgages in the U. S. Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases.