Mortgage servicers seen facing cultural change
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change, mortgage, mortgage servicers February 21st, 2008NEW YORK (Reuters) - Mortgage servicers, who are on the front lines working with troubled homeowners facing foreclosure, are going through a major change in their business model, the executive director of the Hope Now alliance of mortgage lenders and servicers said on Wednesday.
While some have complained about slow progress to modify loans and provide workouts that keep borrowers in their homes, one of the difficulties for servicers comes from the need to build a different skill set, said Faith Schwartz, who heads the Hope Now homeowner support service put together last October.
“They are used to just collecting payments,” Schwartz told the Reuters Housing Summit in New York.
“Part of this is retooling the servicing shop… This is new for them,” she said.
Tags: change, mortgage, mortgage servicers
