Loan Think

Loan modifications continued their dominance as the primary method for foreclosure prevention in 2013, both through government-driven and proprietary servicer programs.

Many conversations in the loan process start with this often uttered, never welcome phrase: "I am going to need an explanation…" If you were on the receiving end of that message, how would that make you feel?

Also, loan officer compensation trial victory for Prospect Mortgage and employment contract news.

Due to the roll-out of new regulations and recent supervision reports, servicers are facing more regulatory challenges than at any time in recent memory.

Poorly executed rebranding efforts (especially when switching marketing efforts to purchases from refinancings) can damage your company and put its future in question.

The new rules are causing originator sales paralysis because of their complexity.

By now, every servicer appreciates the Consumer Financial Protection Bureau's single-point-of-contact expectations and the importance of using this staffing model to manage distressed borrowers. However, in order to outperform, servicers must go beyond SPOC and develop a “case ownership” perspective that more closely links all the people involved in servicing a borrower’s loan.

It has to do with the visibility and prominence of your company when consumers conduct online searches.

Lenders should be aware auditors are focusing on 1099 payments due to the concern that the payments could be a vehicle for compensation no longer permissible under the Dodd-Frank Act.

The ability to repay rule states that a lender "shall not make a mortgage loan unless the creditor makes a reasonable and good faith determination at or before consummation that the consumer will have a reasonable ability to repay the loan according to its terms."