The veterans of this business can remember when market conditions were ""normal""--when REOs ran in the neighborhood of 150,000 a year, delinquency rates were just around 4 percent, and you only needed a credit score of 620 to qualify for a prime mortgage loan.
But the housing finance industry in the United States, and default servicing especially, has changed. From a slew of new regulatory mandates to an altered public perception of debt obligations, for professionals dealing with delinquent borrowers and distressed assets, business has evolved into something far from customary.
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