If you’re out in the park and you see a grayish-looking cloud off in the distance, you take note. When another dark cloud rolls in next to it, you try to remember where you put your umbrella. When a cluster of heavy, stormy clouds hover just overhead, you get everything in order and find some shelter.

If this little illustration is reminding you of the mortgage industry, there’s a reason. Much of what you do everyday is look into a theoretical sky and judge the storm clouds – and of course document retrieval and organization is big part of your stormy day prep. As such, I wanted to alert you to some storm clouds I see peeking their way over the horizon...

Storm Cloud 1:
We’re steadily creeping into prime reset territory. HAMP started in 2009, so the 5-year resets began kicking in last year, with a re-default of 42%. So far in 2015, that rate is holding steady at 41%.

Storm Cloud 2:
If “reset” is a dirty word to underwater homeowners, “step-up” must be the king of expletives – and there’s no light at the end of that tunnel. Homeowners who modified through HAMP can expect steady increases in their mortgage payments for the next 3 years. If they are struggling now, there isn’t much to be optimistic about.

Storm Cloud 3:
A seemingly rebounding American economy still doesn’t seem to have the strength to “reverse the curse” of the crash. Those who couldn’t afford to buy homes in 2006 and 2007 still can’t afford those houses today.

What’s the takeaway? I think we’re somewhere in between “where’s the umbrella?” and “Kids, get to the shelter!” Most parties are invested in keeping those who can’t afford their homes in their homes – somehow, someway. But you still want to make sure your house is in order…

Are you sure your collateral files are up to date? If you need a hand with your document retrieval or compliance systems, Blue Streak Docs can help you with any and all related tasks. Plus, if you haven’t worked with us yet, you can try us out and get your 5th order FREE!