Servicing Panel Talks AI, Insurance, Future Trends

(From left: Pete Mills, Shayna Arrington, Patrick Couture, David Schneider and Courtney Thompson. Photo: Anneliese Mahoney)

DALLAS–What’s next for the servicing industry when it comes to trends and challenges in technology, regulation and the overall market?

That’s what a panel of experts took some time to discuss here at the Mortgage Bankers Association’s 2025 Servicing Solutions Conference & Expo.

Moderated by MBA’s Pete Mills, Senior Vice President of Residential Policy and Strategic Industry Engagement, the panel began by talking about technology.

Courtney Thompson, Executive Vice President and Head of Servicing, at CMG Financial, said it’s important that servicers continue to invest in new technology. “Educate yourself about what’s out there,” she said.

Patrick Couture, Senior Vice President of Servicing Platform Development at Planet Home Lending, noted that while there’s a lot of exciting technology–including AI–in the market right now, it’s also important to pick the right vendors.

Shayna Arrington, Chief Risk Officer at Servbank, brought up the issue of security. “I think on the technology front, the way I think about it is you need to have security first in data privacy–which is going to be a huge issue as we move into this space–and then you need to have controls around it,” she said.

However, Arrington also noted that one of the biggest risks for servicers would also be “not pushing the business forward when it comes to technology, and not embracing AI,” because then a firm could fall behind.

While AI is a buzzworthy topic, Thompson cautioned that servicers should also make sure they’re using simpler technology effectively, such as texts and emails. “Yes, use AI. Yes, do not be left behind,” she said. “But at the same time, don’t forget that your house isn’t in order if your data’s not together. And don’t forget that if you’re not embracing modern methods of communicating with people, I think you’re real far behind there, too.”

“I think you have to meet the customer where they are, and every customer is going to be different,” said David Schneider, CEO and President at Cenlar FSB, about finding the right methods for reaching customers. He noted those technologies like texting are vital. “There’s a lot of customers, they just don’t want to call, and they’d rather just get a text,” he said.

Customer service and communication are also key for the industry, especially in the current complicated regulatory environment, the panel said.

Couture said one takeaway from the pandemic has been setting clear expectations for borrowers.

He also noted that empowering and supporting employees can go a long way. “Having customer service people or loss mitigators or whomever that are very well educated, that are empowered but are also happy employees–a happy employee actually makes a happy customer and will go above and beyond for that customer,” he said.

Similarly, Thompson said that the pandemic required the servicing industry to think differently about how to create accessible information and experiences for consumers.

The panelists highlighted some regulatory and compliance topics they’d like to see tackled in coming years–including Reg X, changes to communication methods and consistency among various regulators.

And, topics ranging from cybersecurity and fraud to industry consolidation and consumer education are all worth watching, they said.  

Insurance is also weighing on the industry, the panelists noted.

Schneider, speaking about costs going up due to insurance and property taxes, said those in the industry should prepare. “I think people are going to find themselves struggling and we know it’s coming,” he said. “So I think all of us should just take a close look at that. What’s coming our way? What do we expect? Stress test your portfolio.”

Arrington noted that despite myriad challenges, she still sees plenty of room for the industry to be optimistic. “We are smart people, and we can solve anything. And so thinking about all of the things that we did as an industry during COVID-19, we’re sitting up here and we all made it through. We’re talking about these problems, we know what they are,” she said. “We have the right people at the table to solve them, and so I’m confident that we will get there.”