In an ideal world, borrowers would never default, and lenders could avoid the time and expense of foreclosure. Of course, defaults do happen, and lenders often find themselves facing many of the same avoidable issues that stall, or even prevent, recovery.
With foreclosure activity finally resuming, lenders should:
(1) keep abreast of ever-changing legislation and procedural and regulatory requirements, which vary from state to state, and
(2) review their documents and policies and revise them as necessary to prevent snags in future litigation.
The basics of lending will always remain the same, but the best lenders continually adapt to whirlwind market conditions and stay a step ahead of ever-changing legislation. After all, complacency leads to stagnation, which is probably the biggest threat to a lender's bottom line.
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By Rachel G. Packer
Private Lender, The Official Magazine of AAPL
Summer 2022 (Q3), p. 26-28
Published on July 5, 2022