Home / News / Foreclosure / M&T Bank Takes Action to Help Unemployed Borrowers
Print This Post Print This Post

M&T Bank Takes Action to Help Unemployed Borrowers

Who ever heard of banks helping their unemployed borrowers find jobs? Though this may be hard to believe, this concept is becoming a reality thanks to a company in Bend, Oregon, named ""NextJob"":http://www.nextjob.com. This company's motto is ""A job for every person and a person for every job.""

[IMAGE]

Realizing that job loss in the current economy is the major reason homeowners default on their mortgages, management of ""M&T Bank"":https://www.mtb.com/personal/Pages/Index.aspx in Buffalo, New York, announced Thursday that they will be offering a pilot program of NextJob's services to their unemployed borrowers at no cost.

Participants will work directly with a NextJob coach to develop a detailed job search action plan, create an effective resume and cover letter, and analyze career direction options.

[COLUMN_BREAK]

They will also be trained to identify skills that could transfer to another industry or field, discover ""hidden"" jobs that are open but never advertised, learn how to effectively use the latest in internet tools, and prepare for successful interviews.

""We were impressed with the services offered by NextJob, and as a bank committed to the customers and communities we serve, we felt this would be an effective program to offer our unemployed borrowers,"" explained Mark Mendel, SVP Customer Asset Management.

In 2012, ""Fifth Third Bank"":https://www.53.com/site, Cincinnati, Ohio, was the first bank in the nation to work with NextJob on implementing this innovative reemployment training program. Borrowers who participated in the initial pilot program had been out of work for approximately 22 months. After completing the training, almost 40 percent of participants were fully employed within six months. Because of this success, Fifth Third Bank expanded the program bank-wide in February of this year.

According to John Courtney, NextJob president, ""Job loss remains one of the top issues in our economy and is responsible for half of mortgage defaults, which are the number one debts in America. Our reemployment program is a natural opportunity to make an impact in alleviating this problem.""

Courtney explained, ""We developed this idea four years ago, and conducted a pilot program two years ago. We now have three banks participating and by December, we will have four. ""He said that momentum is accelerating for this remedial program as more banks and lending institutions learn about it.

About Author: Sandra Lane

Sandra Lane has extensive experience covering the default servicing industry. She contributed regularly to DS News' predecessor, REO Magazine, from 2004 to 2006, covering local market trends, the effects of macroeconomic shifts on market conditions, and "big-picture" analyses of industry-driving indicators. But her understanding of the mortgage and real estate business extends even beyond those pre-crisis days. She is a former real estate broker and grew up in what she calls "a real estate family." A journalism graduate of the University of North Texas, she has written articles for various newspapers and trade journals, as well as company communications for several major corporations.
x

Check Also

Fabrizio & Brook Adds New Attorney

Marselis brings fourteen years of experience to Fabrizio & Brook representing creditors in its specialized areas of practice.  

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.