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SERVICE PROVIDER FOCUS
ere are very few financial transactions that reflect the
vagaries of life in the United States as thoroughly as does
a mortgage loan. Over the course of what is often a multi-
decade financial obligation, homeowners typically face many
changes such as job loss, health issues, marriage or divorce, and
many other life events. Any of these could significantly impact a homeowner's
financial circumstances, and possibly his or her ability to honor their mortgage
loan contract.
While non-performing loans are certainly
very troubling and costly for servicers, they
remain committed to evaluating every possible
option to help distressed borrowers stay in
their homes if they wish to do so. is means
that impeccable processes must be in place,
supported by rules-based technology that
can analyze a homeowner's unique financial
circumstances against a range of possible
mitigation options to either produce an
appropriate retention solution - or to prove that
one is not possible.
e final decision is extremely important
on every level. If financial circumstances are
such that a loan modification or forbearance
option appears viable, it can allow homeowners
to remain in their homes, and provide the time
and opportunity they need to stabilize their
financial circumstances. However, when even
the most aggressive mitigation efforts will not
allow homeowners to stay in place, it can initiate
very significant and difficult changes for the
I N D U S T R Y I N S I G H T / G E O R G E F I T Z G E R A L D
DRIVING DECISION MAKING
Tech-Powered Loss Mitigation for
Troubled Homeowners
