MCS Participates at National Property Preservation Conference

executives attend as subject matter experts for multiple panel sessions at national industry conference dedicated to property preservation

TAMPA, Fla., Nov 15, 2011 - In an economy plagued with plummeting real estate values, an over-stocked housing inventory and a volatile market, uncertainty and responsibility were two of the key themes during the annual 2011 National Property Preservation Conference held at the Mayflower Hotel in our nation's capital. The only national industry conference dedicated to property preservation issues was attended by hundreds of default servicing professionals from mortgage servicing companies, national, regional and local field service companies and other real estate organizations. Of the many attendees, Mortgage Contracting Services (MCS), a national provider of inspection and property preservation services to the default servicing industry, sent nine of its executives to attend and be subject matter experts during multiple panel sessions. In addition to the servicers that field service companies work for, property preservation companies such as MCS, remain at the forefront of the economic crisis. They have a unique perspective of seeing first-hand what the financial down-turn has done to the communities across the country on a day-in and day-out basis as they inspect, maintain and repair properties.

Responsibility was one of the key themes of this year's conference. In a culture where our society does not always accept responsibility for our actions, or lack thereof, being accountable and responsible was a recurring theme throughout the conference. Both Jodi Cornish and Rebecca Mairone, two high-level servicing executives from Wells Fargo and Bank of America, respectively, reiterated more than once on multiple panels that we as a servicing industry have a responsibility to our borrowers, our communities and our nation. The default servicing industry has recognized that the economic crisis has been felt on many, many levels. In fact, it is going to take a multi-faceted approach by many industry sectors to overcome the challenges associated with the economic down-swing with increased stability in our neighborhoods and across the globe. This industry has to, has been, and will continue to play its part to help borrowers, communities and the nation on the road to recovery.

Throughout many of the panel discussions, the idea of uncertainty was another prevalent theme, both during formal sessions and during conversations held outside of the conference. Some of the biggest questions facing the default servicing industry were related to how the market is going to respond to the financial crisis, how unemployment is going to affect housing values and how the government will attempt to instill confidence in the stability of achieving the once attainable American Dream of homeownership. It was evident that nobody knows for sure where the crisis will be headed and how long it will last. One speaker pointed out that the United States was able to suffer through the Great Depression, two World Wars, and several other terrorist attacks and failed attempts. After each one of those crises, America was able to successfully rebound in all walks of life. The conference was honored and privileged to listen to Lieutenant Colonel Oliver North deliver the keynote address before activities began on the final day of the conference. Lt. Colonel North was quoted as saying, "Experience is how you learn." He continued by stating, "However, bad experience is the best experience of all." The housing market, the overall economy and the lack of jobs will all rebound, because that is what we Americans do.

During this time of uncertainty and responsibility, there are not too many kudos going out to the mortgage servicing industry. Lt. Colonel North, however, summed up his keynote address by giving his sincere gratitude and appreciation to the industry for all of the positive efforts and actions mortgage servicers, field service companies and other industry representatives have done over the years to help the veterans of the US military organizations.