Legal Issues.

There is no shortage of legal expertise servicing the mortgage banking industry, with numerous networks and associations of attorneys providing guidance to the industry on regulatory compliance, collections, foreclosures, bankruptcies and other issues that come up in the course of servicing loans, both performing and nonperforming. But the legal landscape is constantly evolving. In fact, the changing of the guard in the U.S. Congress and many state Legislatures this past fall illustrates the degree to which attorneys and servicers must keep abreast of new legislative developments. No doubt, the more consumer-friendly bent of this year's Congress will yield new laws that affect the industry.

Whatever the environment, dispute resolution will, unfortunately, lead some mortgage companies into the courtroom. Many rely on legal representation from both general counsel and outside counsel to keep them out of litigation as much as possible. But when circumstances do force lenders into the courtroom, they want the best representation they can find.

With each advance in technology and business processes, new questions ...