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Mortgage

Mortgage servicers foreclosing on very different timelines

Rates can vary almost 200%

A new white paper is highlighting the vast differences in foreclosure timelines at varying mortgage servicers.

Without naming names, the research, from data analytics firm Oversite, found that mortgage servicers vary in foreclosure speed by up to 192%.

Oversite also found after examining more than 50,000 foreclosure files:

• Cases with a Lack of Prosecution (LOP) filing had an average foreclosure timeline of 308 days longer than cases without similar filings.

• Cases with an Amended Complaint (AC) filing had an average foreclosure timeline of 439 days longer than cases without similar filings.

• Cases with a Bankruptcy Discharge (BK) filing had an average foreclosure timeline of 448 days longer than cases without similar filings.

“Our analysis shows that it is possible to quantify a number of factors impacting foreclosure timelines that can then be used to benchmark foreclosure management and more accurately estimate foreclosure timelines,” said Oversite CEO, James Albertelli.

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