Joseph C. Smith II
Founder, President and CEO
Default Mitigation Management LLC (DMM)
Long term operations executive and consultant serving the Financial Services industries. Joe is the founder, President and CEO of Default Mitigation Management LLC (DMM). DMM was founded in 2003 to assist both borrowers and lenders in working out defaulted mortgage loans. DMM works with lenders on no contact loans by making contact, completing financial packages and for some lenders by completing the full loss mitigation.
In January of 2009 DMM rolled out nationally the Loss Mitigation Web Portal for borrower’s attorneys to submit lenders packages electronically directly to the loan servicer. There are over 1,000 law firms using the system with loan servicers representing over 80% of the mortgage loans in all 50 states.
In February 2008, Joe founded the Committee for Actual Real Estate Solutions Corp. (CARES). CARES and its related PAC is a committee of default attorneys and related default companies that develops and promotes working solutions to the mortgage crisis. CARES is in the process of providing draft legislation for the Senate Banking and Finance Committee to allow complete attorney participation for mortgage loss mitigation without fear of “Overshadowing” under the FDCPA.
Prior to DMM and CARES, Joe was the founder, Executive President and Chief Servicing Officer for Provident Bank NA (Cincinnati, OH) where he developed a $12 Billion portfolio of servicing and sub-servicing in Cincinnati and Atlanta. He has also worked extensively as a mortgage industry consultant and speaker. Prior to Provident, Joe worked with such companies as CitiCorp, Bank One, Advanta, Household International, Blue Cross and Blue Shield and a sub-prime auto finance company where he was the COO.
Joe has a BS degree from Vanderbilt University and his MBA from the Darden School at the University of Virginia.