Spurs Capital, LLC is a New York-based investment firm focused on investing and managing of distressed mortgage loans. We provide competitive solutions to financial institutions seeking to increase revenue, increase profitability, decrease earnings volatility, and manage risk.
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"Historically, ‘scratch and dent’ referred to loans with egregious errors in underwriting or compliance," said Mary Kladde, CEO of TCS, in a. scratch and dent loan n. a loan or mortgage that has become a risky debt investment, especially one secured with minimal documentation or made by a borrower who has missed payments.
Scratch and Dent Mortgage Loans: A Scratch and dent mortgage loan falls into one of two categories. agency eligible, Investor Overall type loans and "True" Scratch and Dent Loans. One Stop Shop: Finding the right buyer on the secondary mortgage market for each problem loan that you come across can be a daunting task.
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Purchasing scratch and dent mortgage loans is more of an art than a science as the true value is in the ability of the servicer to assess the loan pool appropriately. Also important is the servicer’s ability to collect on mortgage loans, prevent defaults from occurring, or work out loans through modification and forbearance agreements and efficiently manage the liquidation process.
For most scratch and dent buyers, due diligence consists of the buyer ordering a BPO on the loan, pulling an updated credit report and performing a thorough review of both the origination and servicing files (e.g., pay histories, collection notes, customer correspondence, etc). Upon completion of the diligence process, the buyer and seller will review any potential changes to the final price due to the diligence findings.
One mortgage company that plans to be there for its fellow lenders is Mid America Mortgage, which declared Tuesday that its interested in buying “Scratch & Dent” loans with TRID compliance violations,
The Värde Scratch and Dent Fund will focus on performing and sub-performing credit in the $2.8 trillion U.S. commercial real estate market. Through both secondary purchase and new origination.
. $3 billion in mortgage loans for property investors and homeowners.. coupled with its built-from-scratch technology, LendingHome strives to.