Innovative Servicing Technology Smart Enough to Keep People in Their Houses?

The advent of automated credit-scoring evaluation tools in the mid-1990s has led the mortgage industry through a major technological revolution. The impact of credit scoring and automated underwriting in the loan origination process and on homeownership has received much attention (see, for example,...

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Bibliographic Details
Published inBuilding Assets, Building Credit p. 348
Main Authors AMY CREWS CUTTS, RICHARD K. GREEN
Format Book Chapter
LanguageEnglish
Published Brookings Institution Press and Harvard University Joint Center for Housing Studies 25.05.2006
Subjects
Applied sciences
Bank loans
Business
Business operations
Civil law
Commerce
Contract law
Contracts
Debt contracts
Debt repayment
Economic disciplines
Economics
Finance
Financial contracts
Financial economics
Financial institutions
Financial instruments
Financial services industries
Financial transactions
Foreclosures
Industrial sectors
Industry
Insurance industry
Insurance underwriting
Law
Lenders
Lending institutions
Loan defaults
Loan financing
Loans
Mortgage loans
Payments
Property law
Property ownership
Property ownership transfers
Real property law
Service industries
Technological change
Technological innovation
Technology
Trust deeds
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Summary:The advent of automated credit-scoring evaluation tools in the mid-1990s has led the mortgage industry through a major technological revolution. The impact of credit scoring and automated underwriting in the loan origination process and on homeownership has received much attention (see, for example, Avery and others, 2000; Straka, 2000; Gates, Perry, and Zorn, 2002; and Gates, Waldron, and Zorn, 2003); innovations in loan servicing have received relatively little (for a rare exception, see Stegman, Quercia, and Davis, 2003). Yet it is the case (as shown in figure 14-1) that foreclosure rates have stayed below their 1998 levels throughout the 2001