ProVest LLC, Garland, Texas, a national process server management company working in the mortgage space, said it has expanded a program designed to find delinquent borrowers that have walked away from their propoerties. The company made the announcement at the MBA’s National Mortgage Servicing Conference & Expo in Tampa.
Currently, ProVest says it is working with 16 of the top 20 mortgage servicers as well as a government sponsored enterprise (GSE) to locate delinquent homeowners that the companies have been unable to contact. The companys says it searches for upwards of 100,000 borrowers every month, locating more than 55 percent of the individuals.
As the recession deepens, delinquencies around the country continue to rise. At the same time, home values in many markets are still falling. Borrowers who are underwater on their mortgages have been tempted to simply walk away and let the proporty go back to the borrower. ProVest says that finding the borrowers is the first step on the path to getting them back on track and saving their mortgage. But as servicers gather in Tampa there can be no doubt that many are talking about the fact that the majority of these borrowers can not save their homes.
“Lack of knowledge is one of the most critical factors that stops homeowners from being able to save their home, whether it is because that homeowner was not contacted in time or he or she did not understand the home retention options available,” Scott Strady, CEO of ProVest, explained. “Our borrower location services are proven to facilitate communication in more than half of the delinquent cases that would otherwise have been left to foreclosure. It is an integral step in our plan to help homeowners achieve the best possible resolution for their mortgage, which, in turn, will strengthen our economy.”
Whether they can help them stay in the home or not, lenders are desperate to find these delinquent borrowers. Companies like ProVest are well positioned to capitalize on that need.