VIEWS: 1 PAGES: 2 CATEGORY: Business & Economics POSTED ON: 5/30/2010
Many lessons have been learned in this unprecedented mortgage market with regard to servicing loans. One is that servicing loans passively is a pretty good way to end up with a lot of foreclosures. Fortunately, servicing technology has made a lot of advances that suit the new era, and more improvements are on the horizon. Modern mortgage servicing technology can truly empower customer-contact people to save transactions from going to foreclosure and ultimately winding up in the real estate-owned pool. Some lenders have stripped the ranks of the origination team members and turned them into servicing specialists instead of just laying them off to reduce costs in a down market. There are typically two basic alternatives to be explored when the borrower desires to remain in the home: a payment plan or a loan modification. If a payment plan won't work, there may be a chance for a loan modification.
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