Distressed sales dropped by 2.9 percentage points year over year since October 2015, according to a report released Wednesday by CoreLogic.
Some of the Mortgage Order Mills (MOMs) have closed their doors. Other are leasing out some of their office space and hiring temporary workers to save on overhead costs. Bank servicers are also reducing staff and cutting overhead. The small and middle sized MOMs are involved in more criminal activity to hold up their profits. All are praying at the Altar of Satan for another huge RECESSION. It’s not going to happen anytime soon.
Crime in the mortgage segment is like crime in Chicago. It won’t go away. Everyone knows about the crime (fraud … greed … corruption) in the mortgage segment and the street crime in Chicago. You have to just live with it. Or, maybe not. It’s best to just move away from the servicing of high crime areas. Move away from the mortgage segment before you are injured. Some of the MOMs are very very experienced in stealing your money.