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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Distressed Loan Service Provider Suspends Business

Titanium blames declining volumes

March 14, 2013

By Mortgage Daily staff

A company that was hired by Freddie Mac to collect documents from borrowers applying for loan modifications is throwing in the towel.

In October 2009, Freddie announced that it hired Titanium Solutions Inc. to meet with prospects for the Home Affordable Modification Program at their homes if they hadn't responded to earlier contact attempts. Titanium helped delinquent borrowers supply missing information and documents as well as complete other requirements needed to begin the HAMP three-month trial periods.

The Fort Mill, S.C.-based company specializes in helping mortgage servicers make contact with distressed borrowers.

Hundreds of employees were recruited to help it keep up with elevated distressed inventories, according to a December 2008 announcement from parent Titanium Holdings Inc.

But now the 14-year-old firm is calling it quits.

"As a result of declining volumes and marketplace changes, Titanium has suspended operations and is no longer accepting new business," a message posted on its website says. "We are grateful to our clients, HRC's and employees, who have supported Titanium over the past fourteen years."

The notice indicates that Titanium has engaged over 30,000 professionals to reach out to "hundreds of thousands of borrowers."

Mortgage Daily has tracked the failure or closing of 10 mortgage-related businesses so far during 2013.

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