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FIRST AMERICAN LOSS MITIGATION SERVICES
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Loss Mitigation Services - early recognition reduces loss
The ability to avoid foreclosure depends greatly on how quickly a potential default situation is addressed. Our experts work to assess these situations rapidly, which allows us to offer a wider variety of foreclosure alternatives.
Experts and technology offer individual solutions
First American approaches each delinquent borrower on a case-by-case basis. We first perform a sophisticated financial analysis of the situation. We utilize our proprietary processing system to track loan status. Our trained counselors then work with the borrower and you to explain and assess the specific options. Once a loss mitigation alternative is determined, we take action to implement this solution in a timely and cost-effective manner.
A Variety of Foreclosure Alternatives is Considered
Sometimes, a modification of the note or mortgage can put a mortgagee back on track. Pre-foreclosure and short sales are often the answer, as are assumptions and deed in lieu. We also structure repayment plans and re-installment programs.
Important Relationships for Improving Service
First American Loss Mitigation Services is a leading provider of loss mitigation services to servicers participating in Freddie Mac's Helping Hand Program. Helping Hand is part of Freddie Mac's long-term commitment to improve its relationship with, and the performance of its servicers. When participating in the program, Freddie Mac servicers receive a tier 2 ranking on their workout-to-REO portion of the Servicer Performance Profile. Participants can also better manage capacity spikes, limited trained resources and transfer of servicing and/or acquisitions without any program-related expenses. Call your Freddie Mac representative for more information about the Helping Hand Program.
All Parties Benefit through Decreased Losses
Overall, our service will help you retain more of your servicing fee income, recover late charges and stabilize your collection costs. We will help improve your portfolio retention, preserve customer relationships and allow you to re-deploy valuable staff resources. Simultaneously, we reduce credit losses for investors, and work on a "pay for performance" basis. When we are successful, borrowers remain in their homes.
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