Default Servicing/ Loss Mitigation

We help you streamline your default & loss mitigation operations

Peoples Processing helps mortgage servicers engage effectively with borrowers identified in default and mitigate losses

As a servicer, it is important to engage with borrowers identified in default and mitigate losses, to the extent possible.

Peoples Processing has been serving the mortgage industry for 10+ years. We offer end-to-end mortgage servicing support right from Loan Boarding to managing default operations and loss mitigation.

Our support team covers all the back-office activities associated with default and loss mitigation. We can support you with a wide array of mortgage default management tasks, including collections, claims management, counselling, etc.

Peoples Processing offers a suite of services in default/loss mitigation :

Collections & Repayment Services: We provide end-to-end back-office support to ensure timely borrower repayments. Our support functions include tracking of discrepancies in the payments and arranging of “demand letter,” in the case of dispatching/shipment. We classify default borrowers based on their income bracket and engage with them as per the predetermined segment they fall into. Our services will help you reduce internal effort on managing legal issues associated with the reimbursement processes.

Loan Modification & Short Sales: We acquire vital supporting documents, such as unemployment benefit documents, invoices, and non-payment records to ascertain the financial health of the borrower and evaluate their loan adjustment eligibility. We will provide you with detailed information to decide if a borrower’s mortgage loan should be changed or if the short sale process should be started for closing. We create and maintain reports of the property condition, existing market value and market trends to ensure that you get the outstanding mortgage amount through the short sale of the property in the fastest turnaround times possible.

End-to-end Home Retention & Liquidation

We have worked with multiple lenders to provide premium solutions that enable the customer to continue to make mortgage payments. We can devise the best strategies to recover the defaults according to the financial well-being of the borrower. Beginning from the liquidation of the property and lasting to the modifications of HAMP, we offer you the necessary mortgage default back-office solutions to effectively recover the arrear amount. We manage the generation of a deed in lieu of foreclosure and short sale of the property in case the customer is unable to make payments even after HAMP modifications are introduced to the loan.

Disposition & Asset Management Services: We can help you manage non-performing assets for all sorts of mortgage loans, including VA loans, FHA loans, and USDA loans. We facilitate the monetization of non-performing assets in a way that is beneficial for lenders.

In case of any foreclosure, we can emphasize reconciling with the borrowers and ensuring that you receive timely resolutions. This way, you can start audit process and prepare due-diligence reports. Moreover, we ensure proper documentation is obtained to help you secure the property in case of continued defaults in payments from the borrower.

Claims Processing: We can prepare property claims which are attained by the lender and direct those to your payment management team for further processing. Our administrative support with the claims processing can help you keep and continue with the accurate property records which can be pursued and audited in an efficient way.

We provide flawless calculations and curtailment amounts based on the loan default timelines. Our services are designed to help you determine the ideal recovery possibilities and alleviate losses by allowing you to make real-time decisions throughout the claim processing process.

Benefits of choosing Peoples Processing for Default Management Services

When you partner with us for default management services, we make sure that you get compliance-friendly default solutions. A few of the many benefits of choosing Peoples Processing for default management services include:

A team of professionals with expertise in default management

Robust back-end support for all mortgage loan types including FHA, VA, and USDA loans

Error-free loss analysis and due diligence in the loss recovery process

Extensive documentation to maintain complete default records

Multi-tier document review process to maintain accuracy

Extensive operational and productivity reporting

Up to 40% reduction in operational costs

Up to 30% savings in Turn Around Time (TAT)

Flexibility to leverage required amounts of resources as and when required

Benefits of Partnering with Peoples Processing