Mortgage Servicers Must Restructure, Reconnect With Communities
By Thomas V. Bennett
There once was a time when you walked into your local bank and talked to someone behind a desk in order to open an account, make investments or apply for a loan. Aside from the personal touch of the customer knowing the banker, this arrangement also provided an opportunity for the bank to know the community. Since you might bump into your banker at your local coffee shop, he also could know if your mortgage loan was in default, the personal situation surrounding the default, and perhaps be able to suggest how to remedy the situation before it became irrevocable. And if all else failed and a foreclosure occurred, the local, community-based bank had an unspoken obligation for the safety and image of the community regarding the maintenance of the foreclosed property.
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