AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Borrower: Friend Servicers Save Thousands.
Success in today's default market requires flexible, friendly strategies.
The days of the foreboding stranger, cloaked in a black hat and cape, lurking around the corner to steal a borrower's home and flee with gobs of money, have fallen the way of the silent movie.
Today's loan servicers are an entirely different breed and as such, they need modern, collaborative default tactics that align with today's market needs.
Today's servicers don't want to deal with the hassle and costs of defaulted loans. They'd be happy to simply collect mortgage payments, forward those payments to the appropriate investors and retain what amounts to an extremely small servicing fee.
In some case they retain the payments for their portfolio loans, which are usually home-equity loans. It sounds simple enough.
However, in the last five to six years, loans have been generated in record numbers, fed in many cases by the buying frenzy and dramatic increases in real estate values. The problem arose when many borrowers could no longer make their mortgage payments or were no longer interested in the property because of its declined value.
This was often the case for many borrowers with nonprime loans who, in a declining market, found their loan values higher than the property's value.
- 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
...proceeds through loss mitigation than they will...modifications and other loss-mitigation efforts as well...made when the borrower is not yet delinquent...an important loss-mitigation tool," ASF...objectives of both borrowers and investors...
- Borrowers Confused By Loss-Mitigation.
- Magazine article from: National Mortgage News September 18, 2006 700+ words
...recognize when a borrower needs help, it is often up to the borrower to find his way...person. When borrowers talk to the lender...ask for the "loss-mitigation" department...roadblocks, borrowers should contact...
- Credit education as loss mitigation: there is a compelling business case for...
- Magazine article from: Mortgage Banking Stowers, Andrea Barrett, Melyssa February 1, 2004 700+ words
...studies in the increasing pool of research that indicates the loss-mitigation effect of consumer financial management education. This...continued to surface that provides empirical evidence of the loss-mitigation effect of credit education. Unfortunately, such studies...
- Damage control: servicers across the country are working hard at loss...
- Magazine article from: Mortgage Banking Morse, Neil J. February 1, 2008 700+ words
...loans. The plan would allow distressed borrowers who are current on their payments to...Fargo Home Mortgage, Des Moines, Iowa, borrowers deemed eligible for a loan modification...subprime adjustable-rate mortgage (ARM) borrowers also may qualify for individual help...
- Loss Mitigation Is Cost Effective.
- Magazine article from: National Mortgage News APGAR, WILLIAM November 8, 1999 700+ words
...effectiveness of the FHA's loss mitigation program, which provides...foreclosure and allow the borrower to remain in their...the single family loss mitigation program. As stated...Summary, the use of loss mitigation is indeed rising exponentially...
- LOGS Adds Loss Mitigation Feature to Online Communications.
- Magazine article from: Mortgage Servicing News April 1, 2000 700+ words
...will rank whether the borrower qualifies for loss mitigation. When a borrower declares bankruptcy...trustee. Mr. Alt said the loss mitigation module is geared toward...bankruptcy. He said that some borrowers that initially would file...
- TNLMA[TM] Announces Official Launch of National Loss Mitigation...
- Newspaper article from: Investment Weekly News March 28, 2009 700+ words
...executives from leading loss mitigation companies to come together...homeowners, lenders and loss mitigation professionals. "TNLMA...interests and not the borrower," said Brian Hewitt...About The National Loss Mitigation Association ("TNLMA...
- Firm Offering More in the Way of Loss Mitigation Services.
- News wire article from: Mortgage Line Harmon, Jennifer November 7, 2008 700+ words
...than 2,000 borrowers going into...successful loss mitigation is of critical...from the borrower to the servicer...notary and the borrower. The company...servicer or the borrower to have the...easy for borrowers to complete loss mitigation packages...
