What Mortgage Lenders Have Learned from the Matrix
For those readers who saw the 1999 movie The Matrix, think back to the beginning of the movie when Keanu Reeves’s character Neo receives the mysterious package at work containing a mobile phone. When he opens the package, the phone rings, and Laurence Fishburn’s character Morpheus gives him important instructions on how to escape the agents that are coming for him.
This is more or less what US mortgage lenders are doing these days. No, they haven’t recruited Laurence Fishburn, and US borrowers are not on the run from Agent Smith, but they are using the same tactic of sending a mobile phone in the mail in the hopes that delinquent borrows would call them. First Guaranty Mortgage has reportedly cut their non-response rate in half by using this tactic (see “Lenders send out free phones“)
This is testament both to the desperation of lenders and to the falling prices of mobile communication. When the Matrix was released in 1999, cell phones were expensive. Today, you can buy a “disposable” phone at Wal-Mart for less than $20.00. I myself have done this: I once jumped into a jacuzzi with my cell phone in my swim trunks (not a good idea), and needed a quick replacement. At Wal-Mart, I bought a cheap phone, switched out the SIM card, and I was good to go.
At any rate, don’t be surprised to see this tactic spread to other creditors. It’s cheaper to drop a cell phone in the mail than it is to send in a repo man.
Charles Sizemore, CFA
Co-author of the recently-published Boom or Bust: Understanding and Profiting from a Changing Consumer Economy
Read the original story at H. S. Dent
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