Learn About Mortgage Direct Mail and Improve ROI
How to Acquire Qualified Loss Mitigation Leads
Obtaining qualified loss mitigation data lists can be complex these days despite the filing of foreclosure papers year after year. Surprisingly, a number of mitigation specialists reported poor loan modification leads and low conversion rates. Don't be alarmed, they didn't know how to acquire qualified loss mitigation leads. They may have checked out the internet for information before going to the public notices in the newspaper hoping to avoid the investor properties; or they may have acquired a summarized consumer lead list. Both workable mortgage mailing ideas but not the best.
Loss mitigation data tells us that leads are available for the negotiator that qualifies for and chooses to work with credit scored data. Here at RM we use Experian which provides payment history, number of mortgages, equity, income, trade-lines and loan amounts along with the credit score.
For most States, loss mitigation data cannot be released without having a 60 day late recorded with the lender, our clients can choose to work with 30, 60, 90 or even 120 day lates for their campaigns. High credit card debt combined with on-time installments is another profile that can be reached for loss mit services.
Who is Delivered by the Stimulus Package
The Obama stimulus package allows for assistance whether a delinquency is recorded or not. Most loans today can be modified, including those that could not be modified under the Bush plan last year.
These are the qualifiers which depend on having an income:
- A default is either in the near future or has begun
- The modified loan goes to an owner-occupant and the bank or lender will gain more by going with the modification than by allowing for a foreclosure.
Of course the bank has great losses with foreclosure so a "better gain" by going along with the modification is almost a given, they also lose on short sales; but at least they are able to recoup some of the loss there.
In our present situation with housing sitting and the country denying that the American Dream of owning a home is valid, the bank must suffer holding costs which without a stabilization can be as painful as foreclosure.
Should we feel bad about that, these are the same guys that pushed to give credit cards to unqualified consumers whose minimum payments, would be far more profitable on their books than the timely payments of qualified consumers that pay down accounts.
Speak with an RM consultant about loss mit and credit card debt leads (800) 768-7571
Homeowners in Default Once - Default Twice - Going Going -
The big guys are always surprising us. Fannie Mae pushed back the mortgage problem for a good number of borrowers by allowing them to catch-up on their late installments with unsecured loans rather than going into a loan modification.
Most are headed back into default as we pick them up on loss mitigation data lists, an easy prediction, but the delay placed their number in another quarter of the down market and we wonder how Fannie Mae and the Central Banks can be so mesmerized by balloons and bubbles.
In every part of our nation we have seen teaser rates adjust to the dismay of homeowners anticipating a better situation before the loan timed out. Liar loans and predatory lending practices so evident as time passes, are met with silence and largely ignored, all around us illegal loans continue to adjust on falsified documents OK'd by lending professionals. The rising mortgage payments and collapsing collateral smack of foreclosure creating our loss mitigation data market leads.
What Are The Losses
None of this ends as the moving vans carry away the limousine people, their empty homes left white spaces on our contracts that were later filled in as lost equity.
Exponential price fluctuations rising from challenges to the financial system on a local and then on a national scale have us running fire drills at the clapping of the bell.
Foreclosures are up 90% over this time last year, courts are jam packed and we are all waiting for negotiations to begin.
Call today
Pre NOD - Late from ONE Mortgage Payment Through 120 days.
