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Default & Loss Mitigation.(mortgages)(Brief Article)
The economy is strengthening, but not quickly enough for some mortgagors. Last month, the Department of Labor reported an unexpected rise in unemployment claims. And increasingly, many of the jobless are remaining out of work for longer periods of time than in the wake of previous recessions or economic downturns.
That lingering effect of workplace downsizing, combined with the other big "Ds" of mortgage defaults - divorce, death and disease - pushed up the foreclosure rate to a record level in recent years. While the Mortgage Bankers Association delinquency survey suggests that the situation may be turning around, servicers find they still have a heavier default management burden than they would like on their hands.
The old adage is that the 3% of a lender's loans that are delinquent at any given time consume a third of a servicer's resources has never been more true. With renewed regulatory and sometimes litigious attention being focused on customer service and collection practices - ...
- COLLECTIONS: Loss Mitigation in 3-D; Default management platforms evolve beyond...
- Magazine article from: Bank Technology News Adams, John April 1, 2009 700+ words
...Firms that offer collections and loss mitigation tools - Fidelity National, First...evolved thinking, collections and loss mitigation platforms are graduating to a level...automating its VendorScape suite of loss mitigation and serving tools to allow lenders...
- Between a rock and a hard place: waves of foreclosures and falling house prices...
- Magazine article from: Mortgage Banking Morse, Neil J. August 1, 2008 700+ words
...perception that the industry's response cannot keep pace with the dimensions of the problem--at least using traditional loss-mitigation tactics. But to be fair, the servicing industry has only been working this problem hard for a little more than a year...
- A refresher course in government servicing: with government lending on the...
- Magazine article from: Mortgage Banking Archambault, Gary August 1, 2009 700+ words
The subprime lending frenzy of recent years has left the mortgage industry buried under a heap of rubble, where it is still searching for a stronger foothold upon which to rebuild. Though many lessons have been learned, there are surely others to be discovered. As for now, a general understanding
- CSC Expands Early Resolution Functionality to Encompass Entire Default...
- Press release article from: PR Newswire October 25, 2004 700+ words
...the benefits of its EarlyResolution default management utility enabling it to automate most...processes inherent in collections, loss-mitigation fulfillment and foreclosure/bankruptcy...mortgage servicers to configure their own loss-mitigation fulfillment workflow by combining...
- First American Financial Completes Acquisition Of Loss Mitigation Company
- Press release article from: PR Newswire September 1, 1998 700+ words
...are excited about adding loss mitigation to our product group...will propel First American Loss Mitigation Services to a leading position...reporting and valuation, loss mitigation and default management solutions. The Information...
- MSN/SPECIAL REPORT: Defaults & Loss Mitigation.
- Magazine article from: Mortgage Servicing News June 1, 2003 700+ words
A weak economy means that lenders are seeing an increase in loss mitigation and default management work. And with the job picture remaining soft, more defaults could be coming your way. Page 19 Copyright 2003 Thomson Media...
- Loss Mitigation Tracking Simplified with Catapult.
- Press release article from: Business Wire October 11, 1999 700+ words
...availability of new loss mitigation module LOGS Financial...provider of proactive default management solutions, announced...an Internet-based loss mitigation module for its Catapult(R) Default Management System. The add...
- Crunching Numbers to Perfect Loss Mit; As the mortgage servicing market...
- Magazine article from: Mortgage Technology March 1, 2009 700+ words
...who was really good at default management already had a job last...increasing regulation. Default management is key. Oddly enough...is providing analytical default management and loss mitigation tools that take advantage...
