MINNEAPOLIS--(BUSINESS WIRE)--March 9, 2005--U.S. Bank Home
Mortgage recently achieved Freddie Mac's prestigious 2004 Tier One
performance ranking for excellence in investor reporting and default
management for two or more quarters during the year. Freddie Mac, the
nation's second largest investor in mortgages, recognized U.S. Bank
and only 23 other servicing companies for this distinction among 1,500
lenders that service Freddie-Mac owned loans nationwide.
"We are honored to be recognized by Freddie Mac with this
distinction," said Dan Arrigoni, president of U.S. Bank Home Mortgage.
"To be a Tier One service provider represents our commitment to
deliver Five Star Guaranteed Service to every customer and every home
owner. We applaud Freddie Mac for upholding outstanding service as a
trait to be valued and admired."
"I want to personally congratulate U.S. Bank for achieving Tier
One status through hard work, persistence and commitment to be the
best," said Janet Eakes, senior vice president of mortgage sourcing
operations for Freddie Mac. "U.S. Bank is one of our heroes for its
dedication to high quality servicing standards so more families are
succeeding as long-term homeowners."
Freddie Mac ranks its servicers each month on the basis of
performance benchmarks that cover a wide range of activities, such as
investor reporting and minimizing credit losses by helping delinquent
borrowers to overcome short-term financial difficulties and 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. Freddie Mac is a stockholder-owned corporation
established by Congress in support of homeownership and rental
Freddie Mac purchases single-family and multifamily residential
mortgages and mortgage-related securities, which it finances primarily
by issuing mortgage passthrough securities and debt instruments in the
capital markets. Over the years, Freddie Mac has opened doors for one
in six homebuyers and more than two million renters in America. For
more information, visit freddiemac.com.
U.S. Bank Home Mortgage is part of U.S. Bancorp (NYSE:USB). With
assets of $195 billion, U.S. Bancorp is the 6th largest financial
holding company in the United States. The company operates 2,370
banking offices and 4,620 ATMs, and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. U.S.
Bancorp is home of the Five Star Service Guarantee which assures
customers of certain key banking benefits and services or customers
will be paid for their inconvenience. Visit U.S. Bancorp on the web at
CONTACT: U.S. Bank
Teri Charest, 612-303-0732
SOURCE: U.S. Bank