The Telephone Doctor: Things your customers never want to hear

Small percentage of brokers account for most early payment defaultsMortgagePress.comEarly mortgage payment defaults,statistics CoreLogic, a provider of mortgage risk assessment and fraud prevention solutions, has released findings from its broker management database that show that seven percent of brokers account for 63 percent of early payment defaults, with the riskiest 0.5 percent of brokers accounting for 70 percent of all losses. These most recent statistics illustrate the key link that brokers play in the risk management chain and why broker monitoring and management tools are critical to the financial prospects of wholesale originators. "These figures are based on predicted first year loss concentrations," said Mark Fleming, chief economist for CoreLogic. "While the first year is generally characterized by low rates of default and, in most cases, little loss, when losses do happen, they are big." For more information, visit www.corelogic.com.