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www.wingspanportfolioadvisors.com

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.


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.

e-mail:
SamGarcia@MortgageDaily.com



www.wingspanportfolioadvisors.com

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