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In part, that’s because mortgage service companies generally haven’t been set up to execute wide-scale mortgage modifications. Mortgage servicers historically have been highly automated — more akin to collection agents than to loan officers, and they’ve needed to change their business model, hire staff and rethink how they interact with customers, a process that’s been slow.
“The servicers need to do a better job,” said Tom Miller, the attorney general of Iowa and a leader in state-level efforts to help desperate homeowners. “They have to make sure they have the full staff, make sure they are trained, make sure they don’t make people wait and wait and wait. We have a tendency to accept the wait, and we shouldn’t.”
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