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Special Report: Legal Services.(Brief Article)

Mortgage Servicing News

| August 02, 2004 | COPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The economy is getting stronger and the delinquency rate has edged down on home loans, but the pace of foreclosure starts remains near a record high, according to the MBA's quarterly delinquency survey. And consumer bankruptcies also remain elevated. What does that mean for mortgage servicers? It means you probably still have to call up those lawyers in your Rolodex more often than you'd like.

Lenders rely on legal counsel for a variety of reasons, but none more frequently than for cases of serious delinquency, default, foreclosure or bankruptcy. For that reason, both the law firms and vendors that provide legal services to the mortgage banking industry and lenders themselves spend a lot of time trying to figure out how they can make the process easier and quicker.

It almost goes without ...

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Source: HighBeam Research, Special Report: Legal Services.(Brief Article)

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