Freddie Mac Names Oak Mortgage as one of the Top Mortgage Servicers
Freddie Mac Names Sturgis Bank & Trust Company Subsidiary Oak Mortgage LLC as one of the Nation’s Top Mortgage Servicers
STURGIS, Michigan - April 23 2008 - Sturgis Bancorp, Inc. (OTC Bulletin Board: STBI.OB), holding company for Sturgis Bank & Trust Company and its subsidiary Oak Mortgage, LLC, announced today Oak Mortgage, LLC was recently awarded Freddie Mac’s prestigious 2007 Tier One Gold performance ranking for excellence in investor reporting and default management. Oak Mortgage was one of 26 mortgage servicing companies nationwide to meet this standard, according to Freddie Mac, one of the nation’s largest investors in residential mortgages. There are approximately 1,500 lenders nationwide servicing loans for Freddie Mac.
“To be in a group of 26 loan servicing companies achieving this high status, out of 1,500 companies, is a real honor. I am very proud of our staff. This is a testament to their commitment to quality. Attention to detail and following sound banking practices is part of our Bank’s philosophy and commitment to our customers. This is one of the many differences you will find at Sturgis Bank & Trust Company and our subsidiary Oak Mortgage LLC,” said Eric L. Eishen, President and CEO.
Freddie Mac ranks its servicers each month on the basis of a wide range of performance activities, such as investor reporting, minimizing credit losses and helping delinquent borrowers avoid foreclosure. Servicers are ranked in four tiers ranging from Tier One (superior) to Tier Four (unacceptable), based on management of active and delinquent loans.
Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company, and its subsidiaries Oakleaf Financial Services, Inc. and Oak Mortgage, LLC. Sturgis Bancorp provides a full array of trust, commercial and consumer banking services from 12 banking centers in Sturgis, Bronson, Centreville, Climax, Coldwater, Colon, South Haven, Three Rivers and White Pigeon, Mich. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank.
SOURCE Sturgis Bancorp, Inc.
http://www.sturgisbank.com