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Article: NovaStar Helps Itself Helping Others Find Jobs.
- Article from:
- American Banker
- Article date:
- November 24, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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To most mortgage servicers, the worst thing that can happen to a borrower is the loss of a job.
And to many borrowers, the worst part of what comes next is the servicer's phone calls demanding payment.
NovaStar Financial Inc. has quietly started a free -- and apparently unique -- program aimed squarely at both problems.
Since August the Kansas City, Mo., subprime lender, which services $11.7 billion of loans, has been helping borrowers find new jobs. It says the service is fostering good will among borrowers and helping NovaStar avoid costly foreclosures.
"This is not corporate welfare," said Chris Miller, the senior vice president of ...