Loan servicers hiring to meet rescue effort
2009/04/09, 6:00 pm
Filed under: 1 | Tags: ,

Mortgage servicing firms are polishing their collection pitches, as the Obama Administration foreclosure rescue program swings into high gear.

The program, which was announced in early March, is aimed at homeowners who are current on their mortgages but have been unable to refinance because of falling home prices. The mortgages must be backed by Fannie Mae and Freddie Mac.

Fannie Mae says it received “several thousand” applications on Monday, the day its computer systems began accepting applications.

Because the plan rewards mortgage servicing firms for each successful foreclosure rescue, it is creating a need for thousands of savvy employees at the servicing firms. The firms report that they are recruiting and training as fast as they can.

“You’ve got a situation in the industry where all of the trained, experienced collectors — the resolution consultants – anybody who’s out there with training, they’re hired. They’re sopped up,” Paul Koches, general counsel at servicing firm Ocwen Financial Corp., said. “There is an unprecedented demand. So we’ve got to go out there and find people who don’t have that training background.”

Source: Washington Post, Carrick Mollenkamp (04/08/2009)


2 Comments so far
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I am finding that San Diego’s employment sector for loan servicing personnel is still available. There have been large loan servicing and lender shops that have gone under. Which creates large inventory of available personnel with mortgage and loan servicing software experience. Since loan servicing has become the key to loss mitigation, we have received a notable increase in potential customers. If you want to start a serious loan servicing operation – consider San Diego. There are buildings, people and infrastructure already in place waiting.


Cary Burch
Lender Support Systems, Inc.

Comment by Cary Burch

We are finding the same in regard to the San Diego employment area. Loan servicing and loan modifications are the next big booms for this.

Michael Speltz
Home Equity Partners

Comment by Michael Speltz

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