TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/615609
TH E M R EP O RT | 45 O R I G I NAT I O N S E R V I C I N G A NA LY T I C S S E C O N DA R Y M A R K E T THE LATEST SERVICING which featured 319 attendees. HOPE NOW has scaled down its events from serving 1,000 attendees to between 300 and 400. An average of about 10 to 12 servicers and 12 to 15 housing counselors attend each event despite a drastic de - cline in serious delinquencies from their peak five years ago (from four million down to about 1.65 million). Also, the breadth of government and private solu - tions available has increased; therefore homeowners tend to spend a longer time one on one with their servicer. According to HOPE NOW, about 20 percent of attendees make same-day decisions about their homes, mostly because servicers need to collect the packages in their entirety before they are submitted to underwriting. Those who do not make same-day decisions, however, often leave with clear and concise next steps along with a single point of contact and a checklist. "At face-to- face consumer events so far this year, HOPE NOW servicers are seeing a significant number of delinquent or imminent default customers —65 percent of attendees—as well as a large number of first time loan mod applicants, 38 percent of attendees." —Erik Selk, HOPE NOW Executive Director —Anthony Hsieh, CEO and Chairman, loanDepot