New York, New York (PressExposure) January 17, 2009 -- The Home Retention Group (http://www.HomeRetentionGroup.com), the premier provider of loan modification services for borrowers, announced today that it has introduced Lender Centric Boots-On-The-Ground services to its loss mitigation services platform. Serviced through a network of representatives and partnerships that cover all fifty states.
With the Boots On The Ground program, lenders can dramatacally increase homeowner contact rates which are currently under 5%. By utilizing in home contact, client lenders and servicers can take advantage of the extensive network of field representatives who can contact borrowers directly at the front door of their home.
Over the last twelve months, loan modification has become a thriving industry, offering much needed help to millions of homeowners struggling to meet their monthly mortgage payments. In the third quarter of 2008 alone, over three quarters of a million foreclosure filings were made on US properties, an increase of over 70% versus the same period a year ago. As the US economy enters its fifteenth month of recessionary activity, the outlook remains gloomy with most economists not expecting a turnaround until late 2009 at the earliest. These economic conditions ensure that loan modification will continue to thrive as an industry, and yhe need for third party loss mitigation services will continue to grow.
Loan Modification companies help struggling homeowners navigate through cumbersome unmanageable customer service systems at lenders and servicers call centers. Through the loan modification process, an agent works on behalf of the borrower with the servicer to restructure the existing mortgage terms to make it possible for the homeowner to keep his/her home. This task is accomplished by mediating various mortgage repayment programs such as extending the loan repayment period, lowering interest rates, reducing mortgage principal, or a combination of the above.
Lenders and servicers have an overwhelming number of request coming from increasingly sofisticated borrowers, loan modification companies, attorneys and non profit community organizations. Getting out ahead of the trend and increasing lender to borrower contact is a neccessity in todays market.
âOffering Boots On The Ground services is a natural fit for our marketplace given our leadership position in the loan modification industry,â said The Home Retention Group CEO Dan Harris. âBefore we entered this market area, it was important that we create a service that would meet the specific needs of our customers. Boots On The Ground contact can help lenders improve the performance of their mortgage portfolios. I see this as a natural progression in dealing with the current mortgage crisis.â
Since its inception, The Home Retention Group has seen remarkable growth across all socio economic lines. With more than four million foreclosures initiated in the past 18 months, The Home Retention Group's revolutionary Boots On The Ground platform provides lenders and servicers with unparalleled ability to process loan modifications, while increasing customer contact rates dramatically. The strength of this platform, which benefits both lenders and borrowers, will widen The Home Retention Group's market share and enabled rapid growth while many in the mortgage industry are seeing their businesses decline.
About The Home Retention Group
Founded in 2008, The Home Retention Group is the brainchild of Dan Harris CEO and Managing Member of Mobil Settlement, LLC a full service title and settlement agent. Services are priced based on criteria made up of location, type of contact campaign desired, and age of receivables. The platform allows servicers to change contact campaigns in real time, and enables borrowers the ability to deal face to face with an intermediary who demonstrates care and concern for their situation. The Home Retention Group enables servicers the luxury of creating "warm in home negotiations" with their at risk borrowers. The Home retention Group provides a single platform that will allow thousands of borrowers to have direct face to face contact with their lenders. The privately held company is based in New York. For more information, please visit The Home Retention Group at http://www.HomeRetentionGroup.com.
Media inquires: Press contact Dan Harris (212)687-0300