Comments on: More on housing – exisiting inventories hit record levels http://blownmortgage.com/2007/05/25/more-on-housing-exisiting-inventories-hit-record-levels/ Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Thu, 08 Jul 2010 10:15:52 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: S. Berkland http://blownmortgage.com/2007/05/25/more-on-housing-exisiting-inventories-hit-record-levels/comment-page-1/#comment-183 S. Berkland Sat, 26 May 2007 09:02:31 +0000 http://blownmortgage.dreamhosters.com/?p=344#comment-183 â??Currently we have 45,000 customers in formal workout status to 500 and 600 people on staff just doing workoutsâ?? - Mike Drawdle, Countrywide Sr VP of Loss Mitigation <a href="http://www.voiceofsandiego.org/pdf/ccreinvest.pdf" rel="nofollow">http://www.voiceofsandiego.org/pdf/ccreinvest.pdf</a> Do you know anything about Countrywide's workout programs? Are these 45,000 customers in workout status for loans they are servicing for other lenders? Does this extra personnel cut into their profits, or are they paid by those lenders to service workouts and foreclosures? I thought the servicers get a percentage of the balance they service, and if that's the case the servicers are really taking a hit on that portion of their business. â??Currently we have 45,000 customers in formal workout status to 500 and 600 people on staff just doing workoutsâ?? – Mike Drawdle, Countrywide Sr VP of Loss Mitigation
http://www.voiceofsandiego.org/pdf/ccreinvest.pdf

Do you know anything about Countrywide’s workout programs? Are these 45,000 customers in workout status for loans they are servicing for other lenders? Does this extra personnel cut into their profits, or are they paid by those lenders to service workouts and foreclosures?

I thought the servicers get a percentage of the balance they service, and if that’s the case the servicers are really taking a hit on that portion of their business.

]]>