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Reputational risk "remains high with regard to any and all foreclosures," Schwartz said. The crisis gave regulators the ammunition they needed to create loan servicing-specific legislation and policies, which resulted in the straining of the execution of collection and default services for many servicers, whereas those practices had worked well for them prior to the crisis.
Read More »Regulatory Changes, Reputational Risk, Economics Are Factors in Shift to Non-Bank Servicing
