Martin Andelman interviews Jerad Bausch who until recently was an employee of Chase’s mortgage servicing division working in the foreclosure department in Rancho Bernardo, California.
His answers to my questions provided me with a window into how servicers think and operate. And some of the things he said confirmed my fears about mortgage servicers… their interests and ours are anything but aligned.
“A perfect foreclosure was supposed to take 120 days,” Jared explains, “and the closer you came to that benchmark, the better your numbers looked and higher your bonus would be.”
To read more about the “Perfect Foreclosure” in the eyes of a financial institution, please check out this great post.