The Office of the Comptroller of the Currency is urging servicers to improve their contact rate with delinquent borrowers in order to help prevent foreclosures."Effective foreclosure prevention strategies rely on increasing the amount of contact between loan servicers and delinquent borrowers, and the sooner this contact begins, the more likely it will be successful," said Barry Wides, the OCC's deputy comptroller for community affairs. The OCC report, "Foreclosure Prevention: Improving Contact with Borrowers," also praises partnerships between loan servicers and nonprofit homeownership counseling agencies.
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