Companies Involved
Traditional Servicers
Bank of America, Wells Fargo, JPMorgan Chase are the largest companies involved in the loan servicing industry.
- GMAC
Special Servicers
"The business of managing borrowers in or near default, a.k.a. special servicing, is dominated by Ocwen Financial of West Palm Beach, Fla. and Litton Loan Servicing of Houston, owned by Goldman Sachs. Traditional, bigger servicers—Wells Fargo, Bank of America, JPMorgan Chase, and Citigroup handle 60% of all U.S. residential mortgage debt—can deal with sticky borrowers but are far from dexterous: They rely on large staffs, with up to 24 employees handling a single borrower from the initial call from a collections agent all the way to foreclosure."
- Statebridge Company
- Ocwen Financial
Read more about this topic: Loan Servicing
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