Carrington Mortgage Services, LLC recently announced plans to add approximately 600 jobs to meet growing industry demand as traditional lenders rely more heavily on specialty servicers to effectively manage their distressed loan portfolios. The company’s hiring footprint for 2013 calls for 150 percent growth at its Fishers, Ind. facility and 100 percent growth at its Santa Ana, Calif. headquarters following a year in which the headcount at these locations doubled.
Within the past year, loan servicers have started to return to their core businesses, with traditional servicers focusing on efficient processing of performing loans, and specialty servicers concentrating on curing defaults and assisting distressed borrowers. As regulatory requirements become more stringent, and occurrences of short sales and proprietary loan modifications multiply, traditional servicers are increasingly contracting out their distressed portfolios to those specialty servicers uniquely equipped to manage these heightened requirements while providing the customer service necessary to manage loans in default.
“The trend of servicers going back to their roots and focusing on their core competencies elevates performance across the industry and directly benefits borrowers because it helps ensure that loans – regardless of their status – are being handled by those with the expertise to provide whatever guidance and procedural execution is necessary,” said John Alkire, executive vice president of servicing for Carrington Mortgage Services LLC. “Carrington’s reputation as a leading specialty servicer combined with our commitment to growth effectively positions us to be the partner of choice for both lenders and larger servicing organizations looking to best serve their customers."