Here is something that might be a good idea: Evaluate mortgage lenders on how they are handling modifications.
As the foreclosures continue to mount, many are wondering whether voluntary efforts by mortgage lenders to stymie the fallout through modifications are going to be enough.
Massachusetts is leading the way, insisting that mortgage lenders be officially evaluated for their efforts in making modifications. HousingWire offers this on mortgage lenders and modifications:
Massachusetts is getting tough on the lenders in its state.
At least, that’s the message put out last week by Governor Deval Patrick, who said he had asked the Massachusetts Division of Banks to begin evaluating all state licensed mortgage lenders on the basis of the speed and number of loan modifications they complete for delinquent borrowers seeking help.
The move is the first such action in the nation, and means that state-based lenders could see their licensing tied to their efforts to work with troubled homeowners; it’s unclear, however, exactly what standards will be put in place by the DOB.
Do you think that mortgage lenders should be evaluated on their modifications?
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