Repurchase Resolution Specialists Provide Answers to Subprime Collapse
New Service Helps Lenders Fight, Resolve Defaults & Buyback Demands
Mountain Lakes, NJ (PRWEB) March 19, 2007 -- In direct response to the growing catastrophe of the collapse of the subprime market, mortgage industry professionals have created a private company, staffed by industry insiders and banking lawyers, to help failing banks deal with borrower defaults and investor buyback demands.
Repurchase Resolution Specialists, a New Jersey based company, is owned and staffed by mortgage industry experts who have developed a specialty in loss mitigation for lenders suffering from early payment defaults, fraud loans, and the threat of repurchase demands from their investors that could drive many companies out of the mortgage business.
The company reviews investor agreements, analyzes default and fraud files, and writes detailed buyback defense letters. They also construct step by step loss mitigation strategies which they then implement to dispose of real property, and collect on insurance claims against negligent professionals. When those efforts fail, their staff attorneys file lawsuits against borrowers, realtors, settlement agents, appraisers, and even loan officers, who are the cause of a loan default. The repurchase experts will also conduct onsite evaluations of lenders' internal quality controls to suggest ways to encourage and improve good loan origination practices, and also detect borrower misrepresentations and loan fraud before they result in costly defaults.
Fees vary, but range from fixed amounts for certain basic services, such as letter writing and file analysis, to hourly charges for intense loss mitigation efforts.
Andrew Liput, an attorney for 20 years, and mortgage industry professional, is one of the owners and managers of the new business. He says, "We have had tremendous success in quickly identifying loan origination and closing issues that provide lenders with an opportunity to challenge buybacks, and also to support claims against insurers and bad actors, thereby resulting in the recovery of much and in some cases all of the amounts at risk."
Repurchase Resolution Specialists is a Ciercus Systems company. To learn more about Repurchase Resolution Specialists, or to schedule a free consultation, visit their website at www.RepurchaseSpecialists.com, or call toll free 1-888-4Ciercus.
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