Thursday, February 18, 2016

The Worst Loan Modifier on Record: RCS

These data came from the US Treasury.
Can you spot Detrimental Crudit Contusions' record?
You might need a microscope.

Loans serviced by RCS will be transferred over to Ditech for Feb 1. The transfer will more than triple their odds of success.

Press releases have been silent on what's to become of the executives. I have a nice plan, which the company that just disbanded the Stowe Mega-Sty might consider.

A slight problem with ditech servicing is that it's just re-branded GreedTree. Still, they're top 5 on the chart, and another calculation shows that their rate of acceptance in December was one and a half times higher their historic average, so good on them. I don't fully understand the perverse motivation that makes lenders prefer to foreclose rather than keep servicing loans, and it looks like RCS didn't either, because

They did it wrong.

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Have you had a go-round with RCS? (If you're willing to share any NPV input data you got, please let me know.(