eLoan Mods

In a recent post on Mortgage Servicing News the latest and greatest in the world of default servicing is electronic (on-line) loan modification. Ironically, I'm reading a book right now by Mark Zandi (Financial Shock - I recommend it to everyone in our REO network btw) and he talks about online lending. Albeit, they aren't the same, but I can only imagine some of the fraud and future complications that will be the result of consumers jumping online to apply for a loan modification which, in turn is automatically run through underwriting by a series of codes that do verification based on the honor system.Call my pessimistic, but I don't see this being the salvation to our situation. Don't get me wrong, I'm glad that there are solutions being recommended, however; when's the last time that we, the people (and more importantly the REO professionals) were consulted about potential realistic solutions?Read the article here....it's actually very informative. I don't mean to sound like the write-up is bad. It's not.
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