Default Lifecycle Insights | Carl Emmons

So if you have three points in the default life cycle that you want people to take away from the class tomorrow, you want them to really think through, these three things are critical, they feel small sometimes, they, they might, you know, get overlooked, but please don't, what would those three things be?

Um, I, I think I could probably answer in a way, I could spin it, answer this, answer to every one of your questions today.

Communication.

Full communication-

Mm

... upfront, full picture.

I, I think, um, no matter if you're the vendor, the servicer, even the lender, um, the, the law firm, make sure everyone who's maybe gonna touch this file has access to the full picture of the file.

The ...

I can't tell you how many times you get, um, you know, a month in, two months in, I'm not in New York, so I'm not a five-year foreclosure timeline guy.

Oh, thank God.

So, yeah, so, so maybe just a, a few months in and, you know, a borrower might call and say, "Hey, I was, I was working on this.

I was doing a loss mit." or, or something, and, you know, you're pulling open the file, and you see nothing about that, and so, you know, you have to very politely tell them you'll look into it, and then lo and behold, you might find that there was an extensive loss mit.

Maybe they were a trial payment in.

It's just, just not even loss mit, but just communication in general.

Put it all in there.

Put all the information there.

Uh, don't feel like you might convolute the stack of info.

Uh, that's, that's my job to go through that information.

Uh, so, so just communications.

Um, and- For, for people like me, make sure you're doing it in writing.

Um, and not, that's not really a, a protect yourself thing, but I forget stuff.

Uh, you know, if you call me or we chat about it in person, uh, I always tell people, "Can you shoot me a quick email?"

Mm-hmm.

Uh, and so just communications in general.

Um, I would say maybe expect the unexpected.

So if you have three points in the default life cycle that you want people to take away from the class tomorrow, you want them to really think through, these three things are critical, they feel small sometimes, they, they might, you know, get overlooked, but please don't, what would those three things be?

Um, I, I think I could probably answer in a way, I could spin it, answer this, answer to every one of your questions today.

Communication.

Full communication-

Mm

... upfront, full picture.

I, I think, um, no matter if you're the vendor, the servicer, even the lender, um, the, the law firm, make sure everyone who's maybe gonna touch this file has access to the full picture of the file.

The ...

I can't tell you how many times you get, um, you know, a month in, two months in, I'm not in New York, so I'm not a five-year foreclosure timeline guy.

Oh, thank God.

So, yeah, so, so maybe just a, a few months in and, you know, a borrower might call and say, "Hey, I was, I was working on this.

I was doing a loss mit." or, or something, and, you know, you're pulling open the file, and you see nothing about that, and so, you know, you have to very politely tell them you'll look into it, and then lo and behold, you might find that there was an extensive loss mit.

Maybe they were a trial payment in.

It's just, just not even loss mit, but just communication in general.

Put it all in there.

Put all the information there.

Uh, don't feel like you might convolute the stack of info.

Uh, that's, that's my job to go through that information.

Uh, so, so just communications.

Um, and- For, for people like me, make sure you're doing it in writing.

Um, and not, that's not really a, a protect yourself thing, but I forget stuff.

Uh, you know, if you call me or we chat about it in person, uh, I always tell people, "Can you shoot me a quick email?"

Mm-hmm.

Uh, and so just communications in general.

Um, I would say maybe expect the unexpected.