Loan Modification Leads

WASHINGTON - NOVEMBER 11:   Federal Housing Fi...
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The Obama Administration seems to be tired of having the mortgage crisis hanging around their neck. They want these troubled mortgage loans modified and borrowers back on their feet towards recovery. At least that is the message being sent by Treasury Departments’ three man “SWAT Teams” being deployed to eight of the largest servicers to monitor their work.

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According to theAssociated Press reporting, the Treasury Department will increase pressure on 71 companies participating in the $75 billion Obama loan modification plan aimed at preventing foreclosures.
The core strategy seems to be to highlight those companies that are performing below expectations:
In an effort to shame the companies into doing a better job, Treasury will publish a list next week of the mortgage companies that are lagging. While big lenders like Citigroup and Wells Fargo have made double-digit gains in the percentage of eligible borrowers they have signed up for trial modifications, other companies like Ocwen Financial and American Home Mortgage Servicing have only increased their borrower participation by 6 percentage points or less since July.”
This is likely to aid borrowers and loan modification companies in getting their files fast tracked. Obviously that means it is time to fill those lead pipelines with prospects that have potentially been stalled–getting them back on track for relief.

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