Optimizing Mortgage Processing Amid Pandemic
Mortgage processing is considered one of the most complex financial processes undertaken by banks and financial organizations. Several key challenges arise in such a complex and heavily regulated process. If not properly addressed, it can significantly impact the efficiency of mortgage processing. If lenders are aware of these challenges and the current best practices, they […]
Delinquencies Could Stay at Current Levels Until March 2022
According to Black Knight’s Mortgage Monitor report, 2.4 million out of 6.1 million homeowners who have been in COVID-19 related forbearance plans have exited. And it appears that the remaining 3.7 million might have a longer path to exiting forbearance, which might seem like good news. After looking at mortgage performance in the wake of recent […]
5 Tips for Effective Mortgage Loan Processing
Mortgage origination has all along been a human-intensive and time-consuming process where it takes 35 to 40 days to close a loan. Despite a lot of talk and work on digital mortgages, a bulk of the activity still is manual with multiple checkpoints for compliance. In recent times, low mortgage interest rates fuelled a surge […]
Retention Blues: Servicers Must Intensify Retention Efforts
An old adage states that it is cheaper to retain an existing customer than to source a new one. For years, mortgage servicers have tried to do a better job of retaining borrowers in their portfolio, but lately, for many, the efforts have been futile. Servicers generate revenue by performing servicing functions. Retaining the servicing […]
Mortgage Loan Modification – We Can Save You Time & Money
It’s clear that the servicing industry is continuing to place a laser-like focus on improving and controlling the borrower experience when servicing loans. The number of distressed borrowers in need of a mortgage loan modification is increasing every passing day due to the increase in mortgage delinquency. With high volumes of mortgage loan modification requests […]
eBook: 3 Ways for Servicers to Tackle Default Servicing Challenges
The coronavirus pandemic has put mortgage servicers to the test, with record-low rates, skyrocketing unemployment, and rising delinquencies creating a surge in forbearance requests. The pandemic has really amplified the gaps in customer satisfaction, digital experience, and call-Center experience that have been a challenge for mortgage servicers for some time. There are significant operational and […]
Limiting Mortgage Default Servicing Hassles in Turbulent Times
As per WSJ reports, “the current recession has made it particularly hard to determine who is creditworthy: Millions of Americans are behind on their debts and opting for forbearance plans. The type of consumer that has been impacted by COVID-19 is not the traditional default consumer. It is a customer that used to be able to […]
Tackling Challenges in Mortgage Loan Servicing – Ways to Do It
Mortgage loan servicing business is experiencing significant challenges due to the COVID-19 crisis. With a rise in defaults, driven by surging unemployment, servicers are having to deal with an exponential increase in customer forbearance requests, and an impending surge in delinquencies and losses. As a result, mortgage servicers need to rapidly build and operationalize their […]
Implementation of Adverse Market Refinance Fee Delayed – The Impact on the Refi Market
Doug Duncan, the chief economist at Fannie Mae, says be ready to refinance because mortgage rates are going even lower. And top of that the implementation date for the ‘adverse market refinance’ fee has further extended which may give rise to refi volumes. The Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac […]
Streamlining Mortgage Default Servicing: Unavailable Staff & Right Tech
Mortgage delinquencies have surged more than 8% to a 9-year high as the coronavirus pandemic hits a corner of the mortgage market and the economy as a whole. It also reflects the fact that the number of mortgage servicing staff on hand to manage mortgage default servicing operations has likely been reduced. “Overall mortgage delinquencies […]