National Creditors Connection Inc. (NCCI) has expanded the company's loss mitigation program to the recently opened Omaha, Neb., branch.
NCCI's says its loss mit program has grown 300% from the end of the fourth quarter of 2008 to the first quarter of 2009. This demand has pushed the department beyond the capacities of existing loss mitigation operations in Lake Forest, Calif., and Dallas, NCCI says.
‘With the expansion to Omaha, we have the ability to increase the number of loans we process monthly by nearly 75 percent,’ states Lance Perry, NCCI's loss mitigation director.
NCCI reports that its program has demonstrated a 50% to 70% contact rate from files that were previously deemed "no contact" and were at least 60 days delinquent. Of these files, at least 35% of updated financial statements were obtained, the company adds.