In an effort to help borrowers hurt by subprime mortgages, Overland Park, Kan.-headquartered National Bank of Kansas City's (NBKC) mortgage division has launched a mortgage recovery program.
As part of the program, NBKC says it will review a consumer's current loan, including prepayment penalties, adjustment dates and rate variables, and educate the borrower on the current loan and available options. If the loan has already adjusted and the borrower is struggling to make the payments, the loan officer will provide education on possible options as well as information on other agencies that may be of help.
‘With so many stories in the media regarding subprime loans, refinancing, FHA loans, rate freezes and foreclosures, consumers are confused about their options,’ explains Todd Geiman, executive vice president of NBKC's mortgage division.
