Morgan Stanley hires only 30 people for Saxon modifications

Saxon Mortgage Service, a division of Morgan Stanley (MS), is hiring up to 30 loan-modification representatives to help assist an increasing number of borrowers looking to modify loan requirements, according to people familiar with the business. Saxon has already hired 30 professionals since the beginning of the year.

Home owners have accused Morgan Stanley and Saxon Mortgage of finding more ways to say “No” to customers. Others say a total of sixty people will not be enough to handle to volume expected to overwhelm Saxon.

Saxon is hiring representatives to keep up with the “explosion” in demand to help borrowers modify terms on their loans, said a source.

Morgan Stanley acquired Saxon, based in Irving, Texas, in 2006 for $706 million.

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One thought on “Morgan Stanley hires only 30 people for Saxon modifications

  1. I must add something very important. After our first loan mod proposal I got a call from a lady who wanted to ask me some questions. She was “representing” Saxon.. She wanted to know why we decided not to accept the loan proposal. Simply put.. they were proposing bumping three months to the end of my loan and freezing the interest. Only problem… one of the three months had already been paid and the loan proposal was based on old / outdated information. I told her that just from a borrowers stand point… maybe they wouldn’t have so many refusals if they’d be willing to WORK with the borrowers… When I say that I mean like TALK to them. Not once did we talk to the LOSS MID SPECIALIST. What was the purpose of giving me her name and extension if she never returns calls.

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