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Brokers Being Paid for Foreclosure Referrals

Recent foreclosure prevention activity

June 24, 2008


One company is hoping to help more delinquent borrowers by paying mortgage brokers $1,000 referral fees. Meanwhile, New York is attempting to stave of foreclosures by lengthening the amount of time required to complete the process.

Mortgage brokers are being offered $1,000 for referring delinquent borrowers who obtain a loan modification or short sale through NW Foreclosure Advisors LLC. The Portland, Ore.-based firm also provides servicers with standard short sale and loan modification documents that are customizable and provide secure electronic delivery of completed packages to all related parties.

The Federal Housing Administration is resorting to direct mail to develop new business, the Department of Housing and Urban Development announced. The prospects being targeted are facing their first rate reset on subprime adjustable-rate mortgages.

"Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months," the mail piece from Federal Housing Commissioner Brian D. Montgomery says. "If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us."

The PRISM analysis is being marketed to servicers by Fiserv Inc. The service analyzes servicing portfolios to determine which loans are most at risk of default. Factors considered are home prices, servicing data, risk grade and credit. Deeper analysis is available on loans identified as high-risk.

For loans that have already become delinquent, Fiserv Home Retention Solutions is available to work with borrowers to negotiate a repayment plan, forbearance or modification. Another unit, Home Management Solutions, maintains the properties and manages property sales.

New York has passed subprime legislation requiring lenders to send a pre-foreclosure notice to borrowers at least 90 days before foreclosure proceedings may be initiated, the governor's office announced. The notice, which must include a list of approved housing counselors in the area, is aimed at encouraging delinquent borrowers to seek help prior to the initiation of foreclosure proceedings.

The bill mandates a settlement conferences for some subprime borrowers who may be appointed an attorney by the court if they cannot afford one. It also requires that lenders prove they own the mortgage.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

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