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Article: How To Translate CU Difference To Loan Modifications.(Opinions)
- Article from:
- Credit Union Journal
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 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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Byline: Jay Loeb
After years of growth in mortgage lending, credit unions now find themselves facing many of the same challenges that traditional banks have experienced, among them difficulty in reaching borrowers behind in repayments, or headed that way.
For assistance, they are turning to third-party field service providers experienced in reaching borrowers who may be overwhelmed, embarrassed and avoiding the door, phone and mailbox. This "on-the-ground" human contact has become more vital, providing needed flexibility in assisting member-members.
Today's loss mitigation business remains 'high-touch', supported by current technology that puts ...