St Louis Mortgage Refinancing and Real Estate News –
St Louis Mortgage Refinancing and Loan Reduction News: St Louis Loan Modification Takes a Twist With Creative Door Knocking
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There are more and more companies going door-to-door to directly do business with consumers at their homes.
Although there are well-known religious groups and old-time sales companies that have been doing this for decades, one such industry that is very new to this type of marketing are mortgage servicers.
In fact, these financial personnel are growing more and more creative in reaching out and are doing some serious door-knocking services in an attempt to enroll distressed borrowers into a workout plan or loan modification program according to speakers at the sixth annual Texas Mortgage Bankers Association (TMBA) Southern States Servicing Conference.
Rick Roniger, executive vice president and chief operating officer at Westlake, Texas-based First American Loss Mitigation, said servicers used to mail contact packages with return envelopes included.
However, this directive did not accomplish the goals and success originally anticipated. So, the servicers turned to creative rewards-based outreach programs.
These “gimmicks” included mailing coffee mugs with single-serving-sized packages of coffee grounds to borrowers with notes encouraging them to “sit back, relax” and fill out the information about their late mortgage payments, Roniger said.
When this didn’t work, servicers sent out envoys or special field units to engage in a door-hanger service to encourage borrowers to contact their mortgage companies if they had trouble paying their home loan.
This door-hanging service eventually evolved into door-knocking services, which ultimately produced occasions of field agents or “financial proselytes” knocking on borrowers’ doors with good news and tidings and in some cases physically handing them a phone to call their servicers right on the spot.
“If we can talk to people, we can usually reach a workout deal,” said Brad Staley, managing director at Irving-based iServe Servicing, who also spoke at the Texas MBA conference.
As expected, he noted that the main challenge in resolving extremely distressed, low-value assets is making contact with the borrowers and then maintaining that contact once a workout plan is initiated.
And when many were not at home, some field services started knocking on borrowers’ doors after normal business hours and on weekend mornings very similar to what Jehovah’s Witnesses regularly do.
The big difference between these household visitors is that this growing religious organization widely known for their trademark door-knocking evangelizing come to offer free home bible teachings, while this innovative financial group come to save a consumer’s home for a price that hopefully most homeowners can now afford.
Other servicers that many call true fanatics will site in a car and legally stake out your house for up to an hour or until the borrowers return home or finally give up and answer the door.
The results? “If the borrower responds to the outreach efforts, a workout plan can be reached 85-90% of the time,” Staley said.
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