Since agreeing to a consent order with federal regulators last year, Wells Fargo—the nation’s largest servicer—has embarked on an aggressive plan to implement new loss mitigation strategies and improve upon existing practices, according to Randy Bockenstedt, a senior vice president at the bank.

Speaking at the recent National Mortgage News Best Practices in Loss Mitigation Conference in Dallas on Friday, Bockenstedt outlined Wells Fargo’s single point of contact program. Through SPOC, home preservation specialists are assigned to borrowers and stay assigned to a case until it has been resolved either by the loan becoming current through a workout, preforeclosure sale (short sale or deed-in-lieu) or foreclosure sale.

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