The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

Borrowers don’t understand the loan modification process, said Sapan Bafna, senior director of the CoreLogic subsidiary Solutions Express. The housing crisis may be the one and only time these borrowers ever do a loan mod and servicers have to help them navigate the process. Wei Li, senior researcher at the Center for Responsible Lending, agreed and called for a clear, national standard for servicing and loss mitigation.

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