At the Kitchen Table Loss Mitigation
Fort Mill, SC-To expand default servicing efficiency Titanium Solutions here has combined its centralized call center outreach with face-to-face assistance offered to needy homeowners at their own kitchen table.
Titanium's response to unreachable or otherwise unresponsive homeowners difficult to contact directly has been sending out home retention consultants to knock on their doors, Titanium Solutions CEO Patrick Carey told MSN.
So far, about 9,000 consultants whom typically have three to five years of real estate experience have been recruited to get the job done.
"Our network of home retention consultants, as we call them, are Realtors," he explained.
"We use Realtors with a few years of experience for obvious reasons. One is that they are very familiar with the market, they are known in their area, and also Realtors are part of a professional organization so they have a professional presentation, they know how to overcome objections and build trust. More importantly, they know how to handle private and confidential information and they understand mortgage documents for the most part."
Plus, he says, Realtors have analytical ability and are trained to calculate prices and information for sellers and evaluate the net outcome a seller will receive form a home sale.
"I'm an ex-Realtor myself, so I know that that analytical ability combined with the passion they have for what they do, helps a lot and makes them the ideal candidate for the job."
Earlier this year Titanium launched its Home Touch solutions. Since the company has expanded its services based on a centralized approach to loss mitigation reaching out to homeowners through its 350-seat loss mitigation contact center located in South Carolina.
"It positions us uniquely because now not only can we provide for our clients, phone calls from one central point that is Titanium, but also for those homeowners we cannot get hold of we can automatically leverage our in-person face-to-face home touch products as well," the executive says.
In today's changing market servicers need to keep up with new requirements Mr. Carey says. For example, the Home Affordable Modification Program is a great program that at the same time has introduced a higher level of sophistication to the loss mitigation process.
"Before HAMP, homeowners trying to get a modification in most cases needed to sign a one document agreement. HAMP requires homeowners to sign five documents. If servicers had a hard time with only one, now it's that much harder," he said.
Responding to that need Titanium provides a full suite of products and services designed specifically for HAMP customers.
"We go to their home, we pick up documents on their behalf, and because many homeowners do not understand what documents are required from them we explain to them what documents they need to secure a modification. This way we help our clients to reach out to those customers so they can improve the response, and than hopefully, the approval rate that they get from HAMP."
That is new for Titanium, he says, but other strategic changes include recruiting new talent that has enough expertise to talk to understand issues faced by the industry "and most importantly, know how to fashion solutions that meet or exceed our clients' expectations."
Another focus is updating technology that helps maximize homeowner contact and home retention efforts.
"We can use our home retention consultants and basically deliver loss mitigation at their home.
"Technology allows them to pre-qualify the homeowner for a workout, at their kitchen table, using investor guidelines and rules, and ready for the servicer's final approval," he said.
Titanium consultants may return to the homeowner within a day with the documents they need to sign or, if applicable, use electronic signature.
What is new in the default servicing marketplace? "Increased volumes of delinquent loans and homes heading to foreclosure, more servicers are reaching out to create strategic partnerships," he said. "Over time we'll see the mortgage servicing itself become more modular in nature, meaning servicers will partner with other service providers to provide certain pieces of the mortgage servicing process."
In the current market environment it no longer makes business sense for servicers to be self-sufficient so they are compartmentalizing their services through strategic partnerships that help increase serciving efficiency.
During the past year, the Titanium executive said, his company has been expanding its partnerships with servicers. Going forward, he expects the trend to grow even stronger.