For servicers seeking to differentiate themselves with investors, the ability to quickly resolve a delinquent loan has taken a backseat to demonstrating a strict adherence to the swath of new compliance requirements that have transformed the industry.
The bankruptcy of Wingspan Portfolio Advisors epitomizes the existential crisis facing default servicing. This once-thriving sector of the mortgage industry now finds itself declining in lockstep with the drop in loan delinquencies and foreclosures.
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