CLEARWATER, FLA.–As the mortgage market moves from refinances to purchases and loans move out of forbearance into modifications and workouts, servicers are stepping up, MISMO Winter Summit participants said.
The economic effects of the pandemic have placed strains on the day-to-day operations of servicers. An established relationship with a strategic outsourcing partner can streamline efficiency and productivity, resulting in improved scalability, increased cost savings and expertise at the ready.
Tim Anderson is President of the eMortgage Division for Evolve Mortgage Services, where he is responsible for overseeing deployment of the company’s digital closing platform and developing strategic partner relationships.
Leaders need to include software audits in their strategic planning process. A good software audit sets the stage for effective budgeting and decision making this fall. Leaders should analyze the company’s current Application Programming Interface integrations to existing mortgage software.
The Consumer Financial Protection Bureau on Tuesday published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report showed a disparate response in call metrics, exit metrics and other measures.
J.D. Power, Troy, Mich., said mortgage servicers earned high levels of customer satisfaction during the pandemic, but warned as loan forbearance programs come to an end and more normalized customer interactions resume, traditional banks are starting to lose their edge over non-bank lenders.
On Tuesday the Conference of State Bank Supervisors released model state regulatory prudential standards for nonbank mortgage servicers. MBA President and CEO Bob Broeksmit, CMB, immediately expressed support for the standards.
The Federal Housing Administration on Friday published Mortgagee Letter 2021-18, COVID-19 Recovery Loss Mitigation Options. The ML outlines assistance for homeowners who have been financially impacted by the COVID-19 pandemic to remain in their homes with new, streamlined loss mitigation options.