Long before there was the Wii, Xbox 360 or PlayStation there was the Atari. One of the most popular games on Atari when it first came out was the rousing game of Pong. You could go fast or slow but certainly not anywhere near the speed of today's video games. Technology has improved the hand to eye coordination way beyond what most of us "old timers" will ever achieve.
However if you are an agent working with lenders trying to get a response to an offer on a foreclosure property you take a step back in time to the days of Pong. Forget needing cat like reflexes to keep up with the offers flying back and forth. Instead just sit back and wait for the ball to slowly make its way back across the net to you.
Now there is no doubt that the loss mitigation departments are overwhelmed. Though at this point in the game it is hard to understand why they haven't ramped up staff to a level to keep up with the piles of paperwork in front of them. Even more interesting is learning that not only do the processors not work the hours that we do but at one lender I'm working with now they are off a half a day on Fridays.
Perhaps they need time to perfect their game of Pong over a long weekend or to rest up to move another file to the bottom of the pile. In the meantime there are buyers who are anxiously waiting on an answer to their offer. There lives are on hold while waiting for the lender to serve up their response. So come on lenders lets step it up a notch.
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