Mortgage Loan Modifications Increase! … The Mortgage Segment Is DEAD!
HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, recently released its August 2016 loan modification data which shows that close to 119,000 homeowners avoided foreclosure and received a mortgage solution.
Total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) increased 6 percent from July 2016. With approximately 36,000 completed in August, an increase of approximately 11 percent was also seen year-over-year. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).
Too many mortgage field service representatives are chasing fewer mortgage inspections and property preservation tasks. An oversupply of mortgage field reps continue to drive down prices. Some Mortgage Order Mills (MOMs) are offering $3 mortgage inspections and $7.50 grass cuts with a 60-day wait period to get paid. It’s best to avoid the mortgage segment.