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Editorial: Counseling Comes of Age.(Editorial)
Credit counseling used to be primarily a concern for loan originators. Counseling programs focused on making sure that first-timers were prepared for the financial responsibilities of homeownership.
Now, counseling is coming of age on the mortgage servicing side of the business. The surge in defaults, particularly among subprime credit quality homeowners, has sent lenders back to the drawing board to find innovative ways to improve home retention. And increasingly, lenders are teaming up with nonprofit credit counseling agencies that can offer borrowers a trusted source of advice not only about their mortgage problems, but also about their entire financial situation.
Servicers themselves - in particular industry giants Bank of America, Countrywide and Wells Fargo - have helped to lead the way through their participation in alliances such as Hope Now and through their relationships with counseling agencies. The Consumer Credit Counseling Service of Greater Atlanta has developed a national reputation for its work with lenders.
The CCCS of Greater Atlanta recently provided MSN with a profile of its client base, and the numbers show that many middle-class homeowners ...
- Counselor Loan-Mod Tool Aids Lenders in a Pinch; A portal used by credit...
- Magazine article from: US Banker Brister, Kathy June 1, 2009 700+ words
...ease pressure on banks' mortgage-servicing employees, facing a monumental...handful of non-profit credit counseling agencies are using the...of borrowers. Consumer Credit Counseling Service of Greater Atlanta...For the non-profit credit counseling agency, the portal ...
- Where's your mortgage now? (when mortgage-servicing rights are sold; includes...
- Magazine article from: Kiplinger's Personal Finance Magazine Razzi, Elizabeth October 1, 1994 700+ words
...housing coordinator for the Consumer Credit Counseling Service of Southern Colorado, Sue...got entangled in the gears of the mortgage-servicing machinery. Remember that "breather...Mortgage Corp. (Freddie Mac). The mortgage servicing is handled by a company that accepts...
- Counseling and Mortgages 'Symbiotic'; Sign Up for Mortgage Servicing News...
- Magazine article from: Mortgage Servicing News June 1, 2009 700+ words
...fueled the recent merger of ClearPoint Credit Counseling Solutions, Richmond, Va., with...Solutions, formerly known as Customer Credit Counseling Service of Los Angeles. ClearPoint...advocating stronger licensing rules for credit counseling firms, debt settlement companies...
- Servicing People.(personnel changes in mortgage servicing industry)
- Magazine article from: Mortgage Servicing News October 1, 2001 700+ words
...financial services and retail banking group, Paul H. Schieber has been elected vice president of the nonprofit Consumer Credit Counseling Services of the Delaware Valley. Mr. Schieber counsels on consumer loan and leasing programs, federal and state regulatory...
- The new frontier for loss prevention: promising results are in from three...
- Magazine article from: Mortgage Banking Stowers, Andrea Barrett, Melyssa Cutts, Amy Crews Comeau, Phillip February 1, 2006 700+ words
...value, relying on providers to ensure quality of curriculum, comprehension and retention of content. Further, consumer credit counseling, homeownership counseling and financial education often have not been well-defined. Nor has the assumed correlation...
- Towns, Banks Marshall Forces To Prevent 'Sheriff' Sales: When properties go...
- Magazine article from: US Banker Bergsman, Steve August 2, 2004 700+ words
...average foreclosure costs at least $3,500 for attorney fees and costs," says Dianne Dromerhauser, first vp of mortgage servicing administration for HSBC Mortgage. "If the property is actually repossessed, the bank will lose at least 8 percent...
- Credit counseling services combine forces, add offices.(Brief Article)
- Magazine article from: The Business Journal-Milwaukee Olenchek, Christina May 5, 2000 700+ words
...The Milwaukee offices of Consumer Credit Counseling Service and Wisconsin Credit Union...Milwaukee's northwest side. Consumer Credit Counseling Service's only local office previously...first time that nonprofit Consumer Credit Counseling Service has worked with the for...
- Question credit counseling firms before signing up.
- Newspaper article from: Knight Ridder/Tribune News Service Yip, Pamela April 28, 2003 700+ words
...For many debt-laden consumers, a credit counseling agency is the only thing that stands...Financial Education in San Diego. Some credit counseling firms charge high fees to set up...commissioner. This isn't to say that credit counseling doesn't offer benefits. "If you...
- Accounting for mortgage servicing rights.
- Magazine article from: The National Public Accountant Reynolds, Brian M. September 1, 1995 700+ words
...s SFAS No. 122, Accounting for Mortgage Servicing Rights, amending SFAS No. 65...reconsider the accounting treatment of mortgage servicing rights. The MBAA wanted the FASB...the accounting distinction between mortgage servicing rights chat are acquired through...
- NCLC Update: Credit Counseling Agencies' Compliance with State Licensing Laws...
- News wire article from: The America's Intelligence Wire November 18, 2004 700+ words
...update of its ground-breaking "Credit Counseling in Crisis" report, and the news...series of actions against the worst credit counseling agencies from the Federal Trade Commission...profits. Today's report, "Credit Counseling in Crisis Update," notes this progress...
Source: HighBeam Research, Editorial: Counseling Comes of Age.(Editorial)