EMC Mortgage

From LoveToKnow Mortgage

The EMC Mortgage Corporation specializes in residential loans. The company head office is located in Lewisville, TX. EMC also has a branch office in Irvine, CA.

EMC finances many homes in the United States.

EMC Mortgage Corporation: More Information

About the Company

EMC employs more than 1,600 people and administers over 480,000 loans. It offers ongoing training to employees and makes a practice of promoting from within. Part of the employee training deals with ensuring that employees are exposed to and complying with all applicable laws governing mortgage lending practices.

A certain number of telephone calls between customer service personnel and customers are recorded to ensure that Company policies and procedures are being followed correctly. Audits are conducted to monitor employee performance as well. If the audit reveals that an employee is not behaving appropriately, the EMC Mortgage takes action to deal with the situation quickly.

Customer Service Policies

One policy that EMC Mortgage uses to keep customer satisfaction levels high is to attempt to resolve customer questions and concerns in a single phone call. By giving employees who are answering customer calls the tools they need to respond to inquiries quickly, it saves the customer the time and frustration of being transferred to a different department to get the matter settled.

In a situation where a customer issue can't be resolved to the customer's satisfaction, the customer can get help from a designed Customer Advocate. This person's function is to recommend solutions to resolve the issue to senior management.

Insurance Policies Required

As a condition of extending mortgage financing EMC Mortgage requires customers to have insurance coverage in place to cover the property in case of a loss due to a hazard and/or a flood. If the insurance coverage on a mortgaged property has lapsed, EMC will contact the customer by letter and by phone to request confirmation that the proper insurance has been put in place.

The Company has resources available to put a lender placed policy in effect, if necessary. Rates for this type of coverage are competitive.

In a situation where a lender's policy has been put in place, the customer has the option of buying his or her own policy. Once proof of insurance has been received, the Company will reimburse the customer for the cost of premiums for any time period when coverage was duplicated; the customer is only responsible for the cost of lender placed insurance during the time when the lender policy is in effect.

Avoiding Foreclosure

These have been challenging time for homeowners in the United States, to say the least. When a home goes into foreclosure, not only is the situation stressful to the customer, but there are financial consequences to EMC as the mortgage holder as well.

As a way to deal with this situation, the Company has put together a group of employees known as the 'Performing Loan Workouts' team to step in to try to help homeowners who are at risk of defaulting on their mortgage before that happens. This program is available to customers in the following circumstances:

An Adjustable Rate Mortgage (ARM) is in place that will reset in the next 60 days or has reset in the past three months
The customer is current with their mortgage payments but is facing extraordinary circumstances, such as a job loss, severe illness, death in the family, or another serious situation that may affect the homeowner's ability to pay

The Company's Performing Loan Workouts team works with the customer to come up with a repayment plan that reflects their current financial circumstances, even after foreclosure action has started. As long as the customer is ready and willing to work with its employees to find a solution to the situation, the EMC Mortgage Corporation is willing to find a solution that makes sense for both parties.

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