WFG expands its securities offerings for services
WFG Title Insurance will now offer forbearance, loan modification and foreclosure information reports as part of its general title and closing services.
The product extension is in response to repairers who have “exhausted all efforts” to keep people in their homes during the COVID-19 pandemic and the 2020 economic collapse, according to WFG Default Title Services Senior Vice President Dean Kirchen.
“We have a team of underwriters who understand the nuances of foreclosures and the potential effect of recent moratorium legislation on foreclosures,” Kirchen said. “Providing customizable solutions to all of our customers is key to this effort, regardless of their size. This goal is quite different from other providers in our space, who typically limit this benefit to their larger customers. ”
Forbearance legislation and moratoria have virtually halted lockdown procedures during the pandemic and will continue until at least June 2021. However, WFG officials said they expected an increase in default activities in the fourth quarter of 2021 and beyond once these initiatives are lifted.
“While we don’t expect a wave of foreclosures like we saw in the pre-Great Recession mortgage collapse, we can expect some time after the current forbearance scenario ends in which 500,000 up to 700,000 foreclosures could occur, ”said Patrick Stone. , executive chairman and founder of WFG. “It could start as early as the fourth quarter of 2021 and, should it become necessary, these services will be ready to support our customers by default. “
The great promise of short sales and other troubled pre-foreclosure sales as a foreclosure alternative is fully realized in a competitive and transparent online auction market.
Presented by: Auction.com
WFG announced its highest volume month ever during the second and third quarters of 2020. In September 2020, WFG rolled out a new cybersecurity website called WESTprotect with active internet fraud threat alerts for real estate agents, lenders, title agents and other settlement service providers.
The company also launched the MyHome platform in Q4 2020, designed to provide transparency to every participant in the real estate transaction through immediate access.
“The market remains underserved in the sense that the mortgage market has changed so quickly that everyone is still trying to keep pace,” Stone told HousingWire. Last year. “The opportunity for a new player to come in 10 years ago, be customer-centric and use technology to replace hierarchical management structures, is exactly the type of business lenders want to work with. associate today. In these uncertain times, we see our vision of a fully integrated technology stack as the main strength of customer stability. “