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Servicers Agree to Streamline Foreclosure Relief Practices.
Washington -- Mortgage servicers who participate in the Hope Now Alliance have agreed to adopt a streamlined approach to foreclosure prevention that advocates say will expedite help for troubled homeowners at risk of losing their homes.
In most cases, lenders would have to provide borrowers with an approval or denial for a loss mitigation application within 45 days, leaders of the alliance said. Currently, many homebuyers and consumer advocates say borrowers have encountered significant delays in getting a decision regarding an application for loss mitigation assistance.
Lenders also agreed to provide borrowers with notice that they've received a foreclosure relief application within five days, a move that should improve communication between borrowers and servicers and make it easier to fill in any information gaps or correct discrepancies that are needed for a loss mitigation package to move forward.
The 27 participating mortgage servicers, a list which includes all of the nation's largest home loan lenders, have agreed to timelines for action when dealing with homeowners who are seeking loan modifications, repayment plans, partial claims, or a temporary suspension of monthly payments.
And unlike other efforts, the new guidelines include procedures for dealing with second liens and short sales. Second liens in particular have been a hindrance in working out first mortgage loans.
In part, servicers will benefit because the uniform approach will ...
- Wolters Kluwer Financial Services Launches Loss Mitigation Resource Center for...
- Press release article from: Business Wire June 29, 2009 700+ words
...Understanding of Foreclosure Relief Plans and Build...company's Loss Mitigation Resource Center...Financial Services' Loss Mitigation Resource Center...government's foreclosure relief plans and learn...government's foreclosure relief programs ...
- Downpayment Provider Offers Foreclosure Relief as Well.
- Magazine article from: National Mortgage News Dymi, Amilda August 25, 2003 700+ words
...whatever the mortgage company's loss mitigation or foreclosure departments are doing...interested in hiring ASI as their loss mitigation department. Typically small- to...for various reasons, do not have a loss mitigation section within their default department...
- Bank of America Details Community Development, Foreclosure Relief Goals.
- Press release article from: PR Newswire April 28, 2008 700+ words
...We will continue to work with distressed borrowers to match the customer's repayment ability with the appropriate loss mitigation option, including loan modifications, forbearances, repayment plans, lower rates and principal reductions," McGee...
- 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 single...audit report on the single family loss mitigation program. As stated in the Executive Summary, the use of loss mitigation is indeed rising exponentially...
- The return of LOSS mitigation. (loan servicing)
- Magazine article from: Mortgage Banking Litton, Larry B., Sr. May 1, 1997 700+ words
...delinquent loans by implementing aggressive loss-mitigation programs. Whereas traditional servicing...to 1,000 loans per employee), loss mitigation is a highly labor-intensive business...Servicing executives generally resist loss-mitigation activity for several reasons. Loss...
- TNLMA[TM] Announces Official Launch of National Loss Mitigation...
- Press release article from: Business Wire March 11, 2009 700+ words
...Regulatory Proactive Association for the Loss Mitigation Industry and Loan Modification Service...the first national association for Loss Mitigation and Loan Modifications founded to...meeting the growing public demand for loss mitigation services. "TNLMA[TM] believes...
- Managing to cushion the blow. (mortgage servicing industry's loss mitigation...
- Magazine article from: Mortgage Banking Hoff, John R. February 1, 1997 700+ words
...agencies are bringing dramatic changes to loss mitigation. A new survey captures what servicers...understand how they are approaching loss mitigation as this new era in delinquency management...the servicing industry relative to loss mitigation. What is essentially taking place...
- LOGS Adds Loss Mitigation Feature to Online Communications.
- Magazine article from: Mortgage Servicing News April 1, 2000 700+ words
...Services Inc. has developed a loss mitigation module for its LOGS Management...identify and communicate potential loss mitigation opportunities online to mortgage servicers. The loss mitigation module is especially useful in...
- TNLMA[TM] Announces Launch of Certification Program for Loan Modification...
- Press release article from: Business Wire March 19, 2009 700+ words
...National Proactive Association for the Loss Mitigation Industry and Loan Modification Service...of ethics for loan modification and loss mitigation specialists. Upon completion of this...forum for executives from leading loss mitigation companies to come together in conferences...
- Firm Offering More in the Way of Loss Mitigation Services.
- News wire article from: Mortgage Line Harmon, Jennifer November 7, 2008 700+ words
...foreclosure each day, successful loss mitigation is of critical importance in today...industry know it has expanded its loss mitigation package to include its notary service...been reported that 50% to 60% of loss mitigation packages are not returned from the...
Source: HighBeam Research, Servicers Agree to Streamline Foreclosure Relief Practices.