There’s a big revolution happening in the mortgage servicing business. Some of the biggest names in the industry (usually those with the worst reputation post-crisis) are rethinking the costs of being in the business. And it’s making room for a lot of small but successful players.
Instead of giant national banks, some of the smaller regional banks and private-investment groups are deciding that they might handle mortgages better and more profitably. So they’re buying up servicing rights to tons of mortgages.
With this shift come some pluses. From our point of view the smaller banks are easier to deal with. No more faceless negotiations with a call center. Instead the steps are clearer and more negotiable.
On the downside though, comes inexperience and hesitation when it comes to short sales. The regional banks and private capital firms aren’t nearly as willing to take a loss on a bad mortgage, even when the loan is severely delinquent. They just don’t have experience in facing the reality of the market.
This presents us with a tough sell, but a huge opportunity. You’ve got to really perfect your game (thanks to yours truly, I might add). If you’re going to get involved in a short sale with one of these local servicers, be sure to come prepared. Make your arguments convincing and do your best to bring them into the picture early on.
I’m excited to mint a fortune from this change in the atmosphere and I know you are too. I think you’ve got what it takes but I can help you fill in the holes. Contact me or leave a comment so we can take this opportunity for all it’s got.