While the number of seriously delinquent mortgages in many major metropolitan areas is declining, foreclosures remain a substantial burden on the overall housing market and if not more efficiently addressed, could take decades to fully resolve. That’s according to a new study issued by the Urban Institute in December 2011.
Leah Hendey, research associate at the Washington firm, said “It is critical that the status of these properties be resolved quickly if we want to stabilize communities and housing markets."
That’s easier said than done for most lenders and servicers who are facing a number of new regulatory requirements as well as increased scrutiny from state and federal regulators. They’re also battling a weak economic environment and declining origination activity, which typically means they have fewer internal resources these days.
But by looking outside for help through an outsourced service provider, completing the foreclosure process – or performing a modification or refinancing – can be made much quicker and simpler for a lender or a servicer. By partnering with a provider like Wolters Kluwer Financial Services, that has the compliance expertise as well as proficiency in document generation and fulfillment, lenders and servicers can better manager fluctuating foreclosure, modification and refinancing volumes; regulatory demands; and new government program integrations.
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