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Loss Mit Experts Expand Role in Servicing.(Kondaur Capital Corp.)
Santa Ana, CA -- Kondaur Capital Corp., a buyer of loans with regulatory, underwriting and performance issues, has formed a special team of "Combat Loss Mitigators" to meet current challenging conditions in the mortgage marketplace.
In the "red zone" caused by today's recession-like economy and fueled by depreciating real estate prices with little expectation of a near-term resolution, these CLMs, as the company calls them, have been deployed to turn around problem loans and portfolios that contain "scratch-and-dent" loans.
With over 75 years of collective experience in all phases of mortgage banking among its top-tier executive leadership, Kondaur's most senior CLMs are well positioned to create the sophisticated solutions that are vital to the survival of both borrowers and lenders in the current market, the company said.
"These unprecedented times have created a need for the combination of excellent default management skills - including, without limitation, loan origination and real estate owned liquidation expertise - and experience that defines these Combat Loss Mitigators," explained Jon Daurio, chairman and chief executive officer of Kondaur. At present, he anticipates six million mortgage loans are headed for default.
Mr. Daurio notes that the CLM's complex role begins with the need to appreciate the scope and immediacy of the seller's liquidity needs. He also stresses that the CLMs bring communication experience ...
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Source: HighBeam Research, Loss Mit Experts Expand Role in Servicing.(Kondaur Capital Corp.)