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Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Offerings Target Distressed Loans

Default service provider activity

July 5, 2012

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Mortgage servicers wading through a sea of distressed loans are being courted by default service providers that promise to assist with foreclosure documentation, property preservation and other aspects of servicing delinquent mortgages. Some of the offerings help mortgage firms manage the multitude of vendors involved in distressed servicing. One of the services targets vendor education, while another focuses on compliance with Federal Housing Administration requirements.

Servicers can get help with meeting foreclosure documentation requirements recently mandated by multiple agencies through an assignment validation report announced last week by CoreLogic. The report utilizes access to a network of recorded residential document databases and a nationwide network of field abstractors and includes copies of the recorded mortgage, assignments and affidavits of lost assignment.

A June 4 news release from Lender Processing Services Inc. indicated that servicers can identify a match between a first mortgage and a subordinate lien through the LPS Industry Lien Matching service. Once a match is identified using its servicing database of subordinate liens, servicers can deliver the data to each other in support of co-modification efforts.

A Maryland Mediation Portal unveiled in June by Hope LoanPort is "the first statewide mediation portal in the country." The portal enables borrowers, servicers and counselors to digitally submit documents to Maryland's Office of Administrative Hearings as part of the state's mediation program launched in July 2010.

Earlier this year, DRI Management Systems said its DRI Office product was made available as an online service. The expansion reportedly enables servicers to get their applications up and running more quickly with easier manageability and hardly any maintenance. Users pay a base fee and are additionally charged based on usage.

Mortgage servicers can access a national network of real estate vendors through an online platform unveiled earlier this year by Quandis Inc. Included in the network are realtors, appraisers and inspectors. The service aims to reduce the amount of work needed for vendors to connect with mortgage company clients.

An online vendor training program was recently launched by Field Asset Services, which provides pre-foreclosure, REO and renovation field services to servicers and investors. The six-month program, created in conjunction with the Acton School of Business, helps the company's vendors how to manage their businesses and improve operations.

Residential and commercial non-judicial foreclosure processing services are now offered in Arizona, California and Texas by Entra Default Solutions LLC. The Concord, Calif.-based company, which says it is a high-touch special servicing trustee, gives extra attention to the initial file setup and quick resolution of problem files -- sometime working closely with legal counsel.

REO Allegiance recently announced that it was selected by Aurora Financial Group Inc. to provide FHA-compliant field services, inspection services and P-260 communications. REO Allegiance says it helps lenders comply with all HUD guidelines for proper maintenance of properties throughout the foreclosure process and quickly move properties back into the market.

Gateway Mortgage Group selected Mortgage Contracting Services to streamline the property-related management of its servicing portfolio. Mortgage Contracting will provide various inspection services including occupancy determination and property condition inspections in addition to ongoing preservation services for Gateway's pre-sale and REO properties.

An expansion of default servicing solutions available from Wolters Kluwer Financial Services helps mortgage servicers complete case files before foreclosing on a property -- enabling the efficient generation of documents needed in the pre-foreclosure process. Wolters' pre-foreclosure services include notices of default, certified and first class mail fulfillment, and foreclosure compliance summaries. The Minneapolis-based firm also provides foreclosure affidavits and servicer consulting services.

Fannie Mae issued a bulletin in April indicating new requirements for homeowners association dues and condominium assessments on loans held in its investment portfolio. Sperlonga Data and Analytics recently announced that it helps servicers meet the requirements -- including advancing payments on at-risk first liens when HOA assessments are 60 days delinquent and clearing such liens within 30 days of a foreclosure sale or deed-in-lieu acceptance. Sperlonga says its database includes 225,000 of the estimated 350,000 HOAs in existence.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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