Servicer/Activist Group Alliances Growing?

Working with community activist groups such as ACORN to make contact with delinquent borrowers is a growing trend, according to speakers on a loss mitigation panel at the SourceMedia Mortgage Servicing Conference.Michael Gross, managing director at the loss mitigation operations of Countrywide Home Loans, said this partnership has been successful in cities throughout Ohio where foreclosures are high. "Our interests are aligned," he said. "We both want to stop foreclosures and keep families in their homes. ACORN brings us credibility and a presence in the community." Teji Singh, chief servicing offer at Option One Mortgage Corp., said Option One has six satellite offices in high-foreclosure states and plans to open 10 more. "Community leaders are the voice of these local offices," she said.