The MORTGAGE Segment of the field services industry is in a CRISIS!
Delinquent mortgages dropped to their lowest level since November 2008. At the end of August, there were approximately 2.1 million mortgages, or 5.3 percent of all outstanding home loans, in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO). The rate of seriously delinquent mortgages is at its lowest level since December 2008.
Mortgage inspections and property preservation tasks are drying up. The national and regional mortgage field service firms are playing more games. Some have become slow-pay and have extended payments out to 90+ days, or more. Paul Williams at Foreclosurepedia.org talks about some of the pay problems that he is experiencing in the Mortgage Segment.
The MORTGAGE Segment of the field services industry is in a CRISIS!
The Mortgage Segment is the home of 99% of all of the problems in the field services industry. And, the problems are growing. Our position at SOFI is to just avoid the Mortgage Segment. Do your own research! The Mortgage Segment has dried up.
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