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MBA Beefs Up Loss Mitigation Training By Ted Cornwell
John Golden, MBA's senior vice president for education, said mortgage companies are starting to realize that formal training is important for preparing their busy servicing staff for the increase in default management work. He said the loss mitigation workshop is an example of how CampusMBA is responding to that need. "We are in constant contact with our members and practitioners across the industry, and they are always pushing us in the direction where the greatest needs are," Mr. Golden said. "The goal is, at the end of the one-day boot camp, they can go back to their jobs and begin implementing these plans immediately." The workshops, taught by industry experts, are described as "boot camp" style training sessions for managers, counselors and loan servicing professionals. The workshops cover areas including common reasons for default, investor and insurer loss mitigation requirements, and workout options. The workshops consist of five hands-on exercises that include the design of a loss mitigation workout plan. An online final exam is available upon conclusion of the workshop. The first workshop will take place on June 10 at First American's campus in Westlake, Texas. Rick Roniger, chief operating officer of First American's Loss Mitigation Services, will be leading a panel of experienced instructors who have been selected for their knowledge of loss mitigation topics. Reader SurveyDo you like this website? Could we make it better for you? Should our advertisers continue to support it? Help us find the answers by filling out a quick and easy survey. Thank you! Featured Event3rd Annual Mortgage Fraud ConferenceSourceMedia's 3rd Annual Mortgage Fraud Conference is held at The Rio Suite Hotel in Las Vegas on Nov. 13-14, 2008. This industry-leading National Mortgage News event will provide you with the techniques and strategies to detect, prevent and manage mortgage fraud; monitor your portfolio and identify potential loss exposure as early as possible. Please visit the conference website for more information.
Headlines from the Current Issue of Managing REO
Lawmakers are urging Congress to provide comprehensive reform designed to halt the downward spiral in the housing market and stabilize home prices and financial markets. Asset manager Matt Hudson discusses how code violations are affecting the downturn in the REO market and creating costly fines for lenders. States like Ohio, Michigan and Pennsylvania, which have been hardest hit by the foreclosure crisis, are taking steps to help current homeowners avoid foreclosure. Countrywide and New Vista Finding Qualified REO Buyers By James Comtois
In this new relationship, New Vista's network of real estate professionals who have roots in minority communities are assigned the responsibility and will work to ensure that prepared homebuyers, often first-time and minority homebuyers working with New Vista professionals, have the opportunity to purchase REO properties. Additionally, New Vista and Countrywide will be hosting several community seminars for first-time buyers to educate them about purchasing REO units and obtaining the best financing possible for their situation. These seminars, beginning in Los Angeles and Dallas, will be held in collaboration with community-based organizations and focused on providing consumers the information they need to purchase REO properties. Servicing Statistics
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Midland Sharpens Focus on Multifamily-Loan Servicing By Ted Cornwell
But the extent of their partnership may point toward the evolution of commercial mortgage servicing, in which loan administration specialists come to the aid of lenders that retain ownership of the customer relationship. PNC ARCS completed the conversion of its servicing platform to Midland's Enterprise! loan management system in February, bringing the management of its $13 billion portfolio of Fannie Mae and Freddie Mac-backed multifamily loans onto the system. Enterprise! integrates loan accounting, servicing, asset management, customer service and investor reporting into a single system. Midland delivers the technology to clients on a hosted basis through "shared servicing," which gives clients the option of outsourcing selected activities while retaining responsibility for customer service, credit administration and/or asset management activities. In a recent interview, Cynthia Jankowski, head of loan administration for PNC ARCS, singled out the system's imaging and document retrieval functionality as one of the benefits derived from the partnership with Midland. |
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CampusMBA, the educational division of the Mortgage Bankers Association, has created an instructor-led loss mitigation workshop for industry professionals. The option comes at a time when lenders are struggling to beef up their loss mitigation expertise.
In an attempt to help minimize the impact of foreclosures on neighborhoods by reaching out to consumers interested in residing in these communities, Countrywide Financial has teamed up with San Diego-based national REO management and marketing company New Vista Asset Management.
