Loss Mitigation Strategies

Learn how to effectively and quickly implement your loss mitigation programLoss mitigation remains a work in progress for mortgage servicers.

This is problematic because residential mortgage defaults are off record highs, but still remain high by historical standards. In addition, the Bureau of Consumer Financial Protection (CFPB)’s Mortgage Servicing Rules ??" which mandate detailed and complex loss mitigation procedures ??" are a focus of CFPB examination and enforcement efforts. For these reasons and others, a robust and effective loss mitigation program is critical to any business that engages in residential mortgage loan servicing. This topic will identify the goals of a successful loss mitigation program and the various types of loss mitigation prevalent in the market today. Learn how to implement those goals, provide an overview of current best practices in loss mitigation, and offer practical advice on how to successfully implement, manage and maintain an effective loss mitigation program. Defaulted loans are the bane of any servicing business, impacting investor relations, customer relations, risk management and above all cost. This information is critical for employees at every level of a servicing business, from officers and directors, to in-house legal staff, to the managers and employees of the loss mitigation department, to ensure that the entire organization knows how best to effectively and quickly implement your loss mitigation program.

Faculty

Thomas M. Hanson

McGlinchey Stafford PLLC