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Loss Mitigation Sparks Concern.(mortgages)(Brief Article)
Loss mitigation strategies aimed at avoiding or lessening the cost of foreclosure are a cornerstone of good servicing, but recent "predatory lending" complaints have raised concern that some practices may get lenders in trouble.
As a result, Fitch Ratings recently issued a special report examining residential mortgage loss mitigation strategies. Fitch says that good servicers can engage in loss mitigation practices that serve the best interests of both investors and borrowers.
"Highly rated servicers typically have strict timeline adherence policies, clearly delineated workout options, together with a robust analytical process for evaluating those options, and automated decision support systems to ensure that their loss mitigation strategies benefit both the borrowers and certificate holders," the Fitch report said.
If workout options are unrestricted or lack appropriate controls, Fitch is likely to have concerns about potential "predatory servicing ...
- Fitch Ratings Reports on U.S. RMBS Loss Mitigation Strategies.
- Press release article from: Business Wire October 14, 2003 700+ words
...Oct. 14, 2003 Fitch Ratings has released...residential mortgage loss mitigation strategies...environment, Fitch Ratings, as well as...Residential Mortgage Loss Mitigation Strategies', available on the Fitch Ratings web site at...
- Turning red into black: servicers are trying a little bit of everything to save...
- Magazine article from: Mortgage Banking DeMuth, Jerry February 1, 2008 700+ words
...modifications and other loss-mitigation efforts as well as...modifications "an important loss-mitigation tool," ASF Executive...three analysts at Fitch Ratings, New York, wrote...June that aggressive loss-mitigation strategies can address...
- Rating Agency Sees Benefit in Loan Modification Strategy.(Fitch Ratings)
- Magazine article from: Mortgage Servicing News June 1, 2003 700+ words
...securities deals, Fitch Ratings said that loan modifications can be a useful loss mitigation technique when appropriate...delinquent amounts as a loss mitigation alternative to foreclosure...capitalization. The enhanced loss mitigation program is subject...
- Servicers doing more loss mitigation with fewer resources.(Briefing Book)
- Magazine article from: Mortgage Banking April 1, 2008 700+ words
...their focus on loss mitigation, but servicers...intensive loss-mitigation work with the...said Koch. At Fitch Ratings, New York...director at Fitch Ratings. "Operational...collections, loss mitigation, foreclosure...
- A tough test: rating agencies are grading servicers on their ability to prevent...
- Magazine article from: Mortgage Banking McGarity, Mary May 1, 2008 700+ words
...collections and loss-mitigation staff are all...agencies: Fitch Ratings, Moody's...collections and loss mitigation, some servicers...director with Fitch Ratings. "It takes...could move to loss mitigation," she says...
- Ratings Roundup: Centex Praised for Early Collections, Loss Mitigation.(Brief...
- Magazine article from: Mortgage Servicing News August 1, 2003 700+ words
Fitch Ratings has upgraded Centex Home Equity Co.'s rating for primary servicing...plus" from "RPS2," citing the company's early collections and loss mitigation practices as primary reasons for the higher rating. Fitch also said...
- Fitch Ratings: Pressures Mount for U.S. RMBS Servicers.
- Press release article from: Business Wire May 18, 2007 700+ words
...according to participants who attended Fitch Ratings' inaugural RMBS Servicing Workshop...find and develop more proactive loss mitigation solutions. Making the task more...Workshop', is available on the Fitch Ratings web site at www.fitchratings...
- Imperial Capital Bank Servicer Ratings Upgraded by Fitch Ratings.
- Newspaper article from: Science Letter January 6, 2009 700+ words
...announced that Fitch Ratings has upgraded its Primary...respectively. Fitch Ratings action was based on...assets going through loss mitigation, expanded its cross...department to augment its loss mitigation efforts and modification...
