Management of disaster loss mitigation activity requires immediate contact and coordination with impacted borrowers. Properties are damaged; borrowers are impacted economically in their living arrangements and their businesses and family situations. Most every borrower is impacted either directly or indirectly. The amount of and coordination necessary to address this type of disaster is overwhelming. Millions of dollars can be saved through the pro-active resolution of defaults.
Rather than staffing up to handle this type of event, DSS allows servicers to outsource a portion of the portfolio to a default service company who has existing resources in place to place their full attention to these matters. DSS will order inspections from property inspection companies in accordance with servicer directives. Client, investor, and insurer specific requirements will be adhered to in the negotiation of loss mitigation alternatives. DSS will prepare the appropriate documents for any negotiated loss mitigation plans, including stipulations, modifications, repayment plans and deeds-in-lieu of foreclosure.