With the rise in forbearance volumes servicers, must rethink their mortgage default servicing operations and technology. Improving the mortgage loan servicing process will help servicers limit losses and keep more borrowers in their homes. Servicers must improve mortgage servicing operations to improve borrower loyalty and stand out from the...

With the COVID-19 pandemic severely hurting the economy and unemployment levels skyrocketing, many homeowners are struggling to keep up with their mortgage payments. To help alleviate the impact of COVID-19, the federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to grant relief options for federally...

The Mortgage Bankers Association’s (MBA) in a recent release revealed that the total number of loans now in forbearance increased to 7.91% of servicers’ portfolio volume. According to MBA’s estimate, almost 4 million homeowners are now in forbearance plans. With unemployment rising from historical lows in early 2020 to...

The ongoing coronavirus pandemic is posing a significant challenge. Experts are not in a position to quantify or project the delinquency numbers, as per a recent report in Black Knight’s Mortgage Monitor. “Trying to gauge the impact of COVID-19 on mortgage performance is as much an art right now...

Servicing loans is much more than retaining a portfolio and collecting payments; it’s about meeting the evolving needs of your customers and delivering an improved borrower experience. The current Covid-19 pandemic is causing significant social, economic and personal disruption. Most companies have 90-100% of staff operating remotely. The availability...

Missed payments are not a matter of overt concern until the second missed payment period has passed – which means the borrower is 60 days late in making payments. When a borrower misses two consecutive loan payments, the account is considered in early-stage delinquency. Mortgage servicers are responsible for...