Having recently attended a conference targeted at best practices in loss mitigation, I was recounting what I'd heard to a friend and was struck by the number of times my notes indicated something was "not working" (e.g., Chapter 13 bankruptcy and loan mods), or "we're working on it" (e.g., short sales, fraud, real estate-owned [REO] losses) or "we've got to do a better job" (e.g., of predictive modeling) to indeed even achieve a best practice in loss mitigation. And with the greatest respect for the speakers who are indeed experts and know what they're talking about, it occurred to me that we're still a long way from getting to yes. Yes--in terms of managing to the objectives of this loan workout challenge. Yes--in terms of getting to the right outcome in a timely manner. Yes--in terms of being able to consistently and transparently drive to closure.
