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• W348261798 abstract "At a time when foreclosures are tougher than ever to manage, bankers need to be prepared There was a time when a lender needed only to check out the credit worthiness of his loan applicants to protect himself from losing money. Should a loan go bad, he could try to recoup his loss in a foreclosure. procedure has always been a last resort with respectable banks. Now, with so much media attention on unfair lending practices, it's almost a non-resort. Meanwhile, loss mitigation has broadened into a multi-faceted discipline, requiring expansive analytical skills, legal expertise, and more than a rudimentary knowledge of the secondary markets. Fortunately, a booming economy has increased housing loan application rates while reducing home loan delinquency rates--so the issue is mostly academic, at least for now. In the face of all predictions, the cash affordability of housing remains high. What's more, subprime lending, usually a loss leader, currently is leading the upward growth curve in home lending. Still, on the downside, the experts expect GDP growth to moderate this year. And, researchers already are noting small, incremental increases in 30-day delinquencies for loans originated in 1999. Home buyers who are unable to afford the skyrocketing cost of traditional fixed-rate mortgages have been shifting into adjustable rate mortgages. While these mortgages initially carry lower monthly payments, eventually the purchasers will have to pay the piper. Now would seem to be a good time for lenders to get their loss mitigation efforts up to speed. more prepared they are in good times, the better they can offset losses during a slump. How to mend fences But what's the best way to prepare? For the troubled real estate loan, foreclosures have become expensive, time-consuming, adversarial, risky, and public. And the usual alternatives to foreclosure require time and talent that the lender may not possess. A bank may find it can save money by hiring qualified specialists. Then again it can always turn to outside consultants for help. The worst thing a bank can do is treat every loan the same, says Paul Marchese, senior vice-president at Clayton National Group, Shelton, Conn., that helps bank clients mitigate losses. Loss mitigation is so labor intensive and such a drain on resources that you need to identify the appropriate loans before pursuing mitigation. It's not economically feasible to go through a serious loss mitigation on every loan. Another problem is not having all the data necessary to be able to determine whether a loss can be mitigated, says Marchese, who advises banks to look at several alternatives before foreclosing on a mortgage. Foreclosure is expensive and it can often be loss-producing, he says. Banks get stuck in a pattern, moving to foreclosure without looking at the value of a property. Clayton National has developed a model based on hundreds of data points that looks at loans and shows every loss-resolution strategy possible. model considers a bank's ability to reach a solution with each strategy, such as ways for a customer to become current again or whether he might be a candidate for a forbearance agreement or a negotiated cash-for-keys solution. Most professionals agree that foreclosures should be kept to a minimum. Hudson Cook, LLP, a Crofton, Maryland law firm that advises bankers on mortgage law, stresses the importance of workouts as an alternative. A workout is a process where issues surrounding a troubled loan are revealed in some manner and foreclosure is avoided. lender wants the loan to again become a working asset, generating income with a minimal risk at minimal expense and without reduction in value. firm also has a foreclosure alternatives check list. In addition to forbearance and cash-for-keys, the list includes loan restructurings, refinancings, deed in lieu of foreclosure agreements, private sales, and friendly foreclosures, where borrowers agree not to contest foreclosure actions in exchange for more favorable terms regarding deficiency balances. …" @default.
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• W348261798 title "Loss Mitigation: It's No Piece of Cake" @default.
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