When foreclosures take place, there aren't many winners. Certainly not the homeowners. Nor the mortgage servicer, as it turns out.
To help prevent future foreclosures, Fannie Mae has launched a training and support initiative aimed at improving the information given to struggling homeowners by the servicer. The "Know Your Options Customer Care" program sees Fannie Mae personnel conduct trainings for the call centers of servicers, so those employees will be better equipped to handle the calls from homeowners who may be staring foreclosure in the face.
The Customer Care program has already been implemented with 18 of Fannie Mae's largest servicers. The program was one year in the making and focuses around having a single point of contact in the call center for any given customer, which ensures that a relationship is developed and that regular contact is maintained throughout the loss mitigation process.
It's nice to see one of the big guys putting a premium on customer service, especially as it concerns so grave an issue for American homeowners. Good news, too: participating servicers have already seen a 20-30 percent increase in "workouts" through implementation of the program.