Among servicing organizations, foreclosure has never been a preferred outcome for delinquent mortgages. Legal and administrative costs pile high during the process, and assuming real estate owned (REO) collateral adds another layer of substantial expenses. But the risks and ramifications of foreclosure and REO are heightened today, in an environment of economic uncertainty, tight access to credit and soft real estate markets. Servicers, therefore, must engage in every strategy possible to cure delinquency and default. This special Web-based seminar will explore these strategies and help servicers protect homeowners and investors, as well as their own bottom lines.
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Joseph Loots
Vice President of Default Administration, Cenlar FSB
Joseph Loots is vice president of default administration at Cenlar FSB. He is responsible for the management of collections, foreclosure, bankruptcy, loss mitigation, default compliance, REO, claims and property preservation. Loots' experience includes over 15 years in the mortgage banking industry, managing default operations. Prior to joining Cenlar FSB in 2003, he was employed by Household Mortgage Services, where he was the director of default.
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John Vella
Senior Vice President & Managing Director, GMAC ResCap
John Vella is the senior vice president and managing director in charge of GMAC ResCap's Special Operations business. He is responsible for high-touch servicing and asset management support for high-risk loans in the U.S., Canada and the U.K. Prior to joining ResCap, Vella served as president and CEO of EMC Mortgage, a subsidiary of JPMorgan Chase. He has also held senior management positions at Household Automotive, Option One Mortgage, Freddie Mac and the FDIC.
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Bob Caruso
Executive Vice President, Lender Processing Services Inc. (LPS)
Bob Caruso is executive vice president of strategy and business development at Lender Processing Services Inc. (LPS). In this role, Caruso is focused on building relationships with financial institutions and addressing their needs with LPS' integrated technology, services and data solutions. Before joining LPS, he was the servicing and post-closing executive for the Consumer Real Estate and Insurance Services Group at Bank of America, where he oversaw mortgage servicing, home equity and non-real estate portfolios. Prior to that, Caruso was the executive vice president in charge of servicing at Wells Fargo Home Mortgage.
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