Rising interest rates and high inflation are putting a strain on mortgage holders. The 2023 J.D. Power U.S. Mortgage Servicer Satisfaction Study found a significant decline in customer satisfaction compared to the previous year. J.D. Power attributes this decline to a combination of weaker financial health, an increased rate of mortgage transfers and a rise in issues resolving account problems.
Tag: FICS
Susan Graham of FICS: Retaining Servicing Provides Competitive Advantage to Lenders in Challenging Mortgage Market
Servicing retention generates servicing fee income and helps servicers improve the customer experience. Modern loan servicing software automates investor reporting and compliance and creates a more efficient workflow, allowing servicers to effectively service loans in-house.
Anita Bush of FICS: Mortgage Servicers Must Improve Support for Borrowers with Limited English Skills
Mortgage servicers must provide language resources for borrowers with limited English proficiency. The 2020 Census confirmed what mortgage professionals have experienced over the past decade – America’s diversity increases every year with minority homeownership growing rapidly.
Jeff Williams of FICS: Support Strategic Planning with Audit of Mortgage Software, API Capabilities
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.
Anita Bush: Effective Forbearance Management for Mortgage Loan Servicers
In this article, we’ll address some of the servicer’s legal requirements and offer three keys to success intended to help servicers manage the post-forbearance process.
Anita Bush: Effective Forbearance Management for Mortgage Loan Servicers
In this article, we’ll address some of the servicer’s legal requirements and offer three keys to success intended to help servicers manage the post-forbearance process.
Anita Bush: Offering Forbearance Under the CARES Act – A New Reality for Mortgage Servicers
While the number of new forbearance requests is declining, many servicers may still be working with forbearance borrowers for the rest of this year and into 2021. Here’s what servicers can do to handle this new reality.
Commercial Servicing Software Must be Flexible
Commercial servicing software needs to be flexible and scalable. It must accommodate a variety of loan products; include commercial-specific reporting, payment and escrow administration functionality; and provide support for asset managers.
Commercial Servicing Software Must be Flexible
Commercial servicing software needs to be flexible and scalable. It must accommodate a variety of loan products; include commercial-specific reporting, payment and escrow administration functionality; and provide support for asset managers.