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ProVest Expands Borrower Location Program to Maximize Home Retention

""ProVest LLC"":http://www.provest.us, a national process server management company for the default servicing industry, announced that it is working with 16 of the top 20 mortgage servicers as well as a government-sponsored enterprise (GSE) to locate delinquent homeowners that the companies have been unable to contact. The company made the announcement at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo in Tampa, Florida, on Tuesday.
ProVest explained that once these obscure homeowners are located, servicers then have the ability to contact and educate them about alternatives to foreclosure and help to save the home from going into foreclosure. The company said that it has seen a more than 50 percent success rate with its skip tracing location program.
ProVest currently searches for upwards of 100,000 borrowers every month, locating more than 55 percent of the individuals. The company said it successfully located a large percentage of ""no contact"" borrowers in 2008 and is further expanding these efforts in 2009 as the servicing industry leverages additional tools to increase home retention.
According to Scott Strady, CEO of ProVest, lack of knowledge is one of the most critical factors that stops homeowners from being able to save their home, whether it is because that homeowner was not contacted in time or that they did not understand the home retention options available. ""Our borrower location services are proven to facilitate communication in more than half of the delinquent cases that would otherwise have been left to foreclosure,"" Strady said. ""It is an integral step in our plan to help homeowners achieve the best possible resolution for their mortgage, which, in turn, will strengthen our economy.""

About Author: Mark Hulme


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