Last year, Rodriguez assisted 443 persons who saved their homes through his intervention. Rodriguez said that outsourcing loss mitigation services is a win-win situation for everyone. The service requires highly specialized personnel with knowledge of foreclosure, bankruptcy, mortgage loans, and collecting. Different banking divisions would normally handle the different aspects. However, grouping this knowledgeable pool of people results in savings for banks.
Loss mitigation overcomes the anger that results in destructive behavior.
Proof of the program's success is Banco Popular, which originally signed for a year, renewed the contract for five years. Rodriguez said the situation also benefits insurers who guarantee FHA or Veterans Administration loans, because they do not have to repay the bank for the foreclosed property. This Caribbean Business article appears courtesy of Casiano Communications.