Loan servicers act as middlemen between borrowers making mortgage payments and investors who own their loans. It’s the loan servicing company that is responsible for managing the loan. Though they play a crucial role in the subprime mortgage mess, they continue to have virtually no oversight. The mortgage servicing industry is currently unregulated, equating to a system where no one is actually watching how the store is run.
Sadly, here’s yet another in a long string of stories that continue to demonstrate the need for regulation and real oversight in the mortgage servicing industry.
The mortgage industry’s primary goal is to make money and concern for borrowers is often completely missing from the scenario. With little incentive to work with borrowers, mortgage servicers do little to help homeowners work out loan modifications with the lender
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