AgentMortgage

Loan mod portals a win-win for real estate

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

"Will the rule that all mortgage servicers must designate one employee as a single point of contact for every borrower requesting a loan modification make the process easier for borrowers to navigate?" The rule to which you refer was issued earlier this year by the Office of the Comptroller of the Currency (OCC). It was part of a package of enforcement actions taken against eight of the largest national bank mortgage servicers for unsafe and unsound practices related to mortgage servicing. This particular action required the servicers to provide each applicant with the name of a single point of contact (SPOC) along with "one or more direct means of communication with the contact." Shortly thereafter, Treasury announced that SPOC would be the rule for all servicers participating in the Making Home Affordable Program. Since poor communication between servicers and borrowers has been a core problem bedeviling the mortgage modifications problem, the SPOC s...