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'Special' Demand Up.
Byline: Amilda Dymi
Tampa, FL-Special servicers are scrambling to develop new staff capable of fulfilling the current high demand for loss mitigation expertise.
Special servicing products and technology solutions also are helping balance out the shortage of default management experts created by the unprecedented recent need for mortgage workouts.
"All those with experience in default management are taken," Houman Talebzadeh of Ernst & Young, a consulting firm specializing in the assessment, design and restructuring of servicing firms, told MSN.
Linda Simmons, general manager of mortgage finance solutions at Overture Technologies, Bethesda, Md., predicts high demand for special servicing is here to stay for at least five years into the future.
Mr. Talebzadeh agrees. Lenders, serivcers and special servicers are now facing loan processing capacity issues combined with specialized staff retention, recruiting and training problems. Data showing continuous growth in defaults and feedback from servicers attending the recent MBA National Servicing conference here, he said, indicate that while "everyone is dealing with default management capacity differently, mortgage default expertise still is very high in demand."
So much so that many servicers are trying to adequately retrain auto industry debt collectors so they can learn the specifics of mortgage loan workouts.
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