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The community groups said disparate banking practices and inefficiencies have led to delays in approvals, clogged the pipeline, curtailed the success of loan mod programs.
Eileen Fitzgerald, chief operating officer of NeighborWorks America, said it can take as long as two hours to reach a mortgage servicer. Some homeowners send in documentation, but are asked to do so again. At times, mortgage servicers appeared cagey about disclosing the full terms of the new loan.
“There’s a huge process problem here,” Fitzgerald said. “If you ask, how could you design a more dysfunctional system? You can’t.”
