NCCI expands Loss Mitigation Department, helping avoid more Foreclosures

NCCI expands loss mitigation department to Omaha, NE, helping nationwide mortgage servicers avoid more foreclosures
March 19, 2009 - PRLog -- In an effort to meet growing requests for nationwide loss mitigation services, National Creditors Connection, Inc. has expanded the company’s program to the recently opened Omaha, NE branch.

NCCI’s Loss Mitigation program has grown a stunning 300% from the end of the 4th quarter, 2008 to 1st quarter, 2009.  This huge demand has pushed the department beyond the capacities of existing Loss Mitigation operations in Lake Forest, CA and Dallas, TX.  

"With the expansion to Omaha, we have the ability to increase the number of loans we process monthly by nearly 75%," states Loss Mitigation Director, Lance Perry.

Loss mitigation services have assisted in meeting the demands of mortgage servicers and politicians alike to "do everything one can to keep borrowers in their homes and avoid foreclosure."  Rather than allowing more homes to fall into foreclosure, mortgage servicers are being more proactive with home retention opportunities.  NCCI’s distinctive Loss Mitigation program offers a time honored, successful field contact service with internal efforts by Certified Loss Mitigation Specialists to assist in home retention.  The program has demonstrated a 50% to 70% contact rate from files that were previously deemed ‘no contact’ and were at least 60 days delinquent.  Of these files, at least 35% of updated financial statements are obtained.  These efforts result in significant cost savings for lending institutions, while keeping borrowers in their homes.
The Omaha extension will allow the company to meet the increasing requests of mortgage servicers to reduce foreclosure loan losses and find stability in a volatile market.

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NCCI provides nationwide borrower retention assistance through our field contact and loss mitigation services. We assist financial institutions by re-establishing the line of communication between the collectors and their unresponsive borrowers.
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Tags:Field Contact, Loss Mitigation, Debt Recovery, Onsite Inspections
Industry:Mortgage, Financial, Banking
Location:Lake Forest - California - United States
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