Stewart Lender Services Sees Loss Mitigation Business Jump Ten-Fold
Houston-based Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, is disclosing that business in its loss-mitigation departments increased ten-fold in the last 18 months. In a conversation with HousingWire, the company reported processing more than 725,000 troubled mortgage loans and generated more than 1m lines of outreach to delinquent borrowers in the past year. “We’ve built our organization to be flexible, adaptable and ready to meet the constantly evolving demands of the marketplace,” said Jason Nadeau, SLS President. “We’re able to provide an end-to-end solution, or supply component processes that dovetail nicely with our customers’ existing workflows.” SLS is a service provider to the mortgage lending side, with clients in servicing, distressed asset investing and mortgage insurance. The company not only provides loss-mitigation services, but also serves the real estate owned space as well. According to Nadeau, though, the loss-mitigation business is particularly booming right now. He is convinced that the infrastructure employed at the company is adequate to absorb the increased demands. Indeed, SLS said it fully absorbed the increase demand for its government-centered services two months ago, such as when Home Affordable Foreclosure Alternatives (HAFA) program launched; the Resolution of Active Trial Modifications, converted Home Affordable Modification Program (HAMP) modifications from a stated income models to a verified income mode; and when the Treasury revised its Imminent Default rules. "Our solutions enable servicers to outsource compliance with these new Treasury requirements while maintaining an effective loss mitigation process, " Nadeau said at the time. Write to Jacob Gaffney.