Tuesday, July 19, 2016 – With the FHA still under pressure to cut its carrying costs, it has refocused attention on its “Claims Without Conveyance of Title” (CWCOT) program. The program serves to encourage third parties to purchase assets at courthouse foreclosure sales instead of having servicers convey the assets to FHA asset managers.
By allowing bids that do not amount to the total debt owed on the asset, the program seeks to decrease the number of homes in the U.S. Department of Housing and Urban Development (HUD) inventory. The problem is that few if any servicers, particularly bank-owned firms, are staffed properly to execute the CWCOT program effectively.
Chronos Solutions has released a new White Paper that sheds light on this process. There are many benefits to the program, both for servicers and investors. Find out more by downloading a copy of the White Paper today here, or email us at firstname.lastname@example.org or call us at 800-647-1190 to request a copy.