When you take in new loans from originations, MSR acquisitions, or portfolio transfers, there is no such thing as a “little” discrepancy. Contradictions between loan onboarding and servicing process can cause delays, increase costs, and lengthen research cycles. So how do you manage the intake of multiple files containing...

In April, the Consumer Financial Protection Bureau (CFPB) put in efforts to strengthen protections for pandemic-affected struggling borrowers through a host of proposals.  The proposed rules aim to discourage servicers from initiating foreclosures until after the end of this year, encouraging them to offer certain streamlined loan modification options...

As a part of its efforts to prevent a huge spike in foreclosures, the Consumer Financial Protection Bureau (CFPB) recently instructed mortgage servicers to ramp up their communication with homeowners who will likely need further assistance. As of January 2021, over 2.7 million consumers were still in forbearance programs...

The current environment in default servicing is complex. Frequent new regulatory and policy updates mean lenders and servicers of all sizes are struggling to keep up. Besides, growing customer expectations also pose unprecedented challenges for lenders and servicers alike. The large number of mortgage forbearances currently in place has...

Given the economic impact of the pandemic, mortgage defaults have been a stark reality. In this situation, loan modification is one option that can be beneficial to mortgage servicers as well as borrowers since foreclosure is never a preferred solution to either parties. For borrowers, a foreclosure will result...

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...

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...

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...

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...

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...