Servicing The Ticker

Philadelphia foreclosure counselors, in high demand, feel myriad pains

Foreclosure counseling services are in high demand in Philadelphia, and this demand strains the limited resources of nonprofit homeownership counseling agencies, according to a study released by the Federal Reserve Bank of Philadelphia.

Analyst Thomas Hylands digs deep and finds several points of pain along the foreclosure process. Among them:

-- The industry is heavily reliant on government funding; however, access to that money comes with a significant administrative burden.

-- Housing counselors bear a heavy workload, which is exacerbated by bureaucratic reporting requirements.

-- Staff training is particularly problematic: Staff turnover and stringent requirements for continued funding make it difficult for agencies to maintain a staff of counselors who have the necessary qualifications.



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