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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 30 July 2023 F E A T U R E portfolio. However, there is less inflow from originations as well. MSR values have been strong with the higher rates, but many companies have used the increase in those valuable assets for liquidity help in a tightening credit environ- ment, making some transactions more diffi- cult to price effectively. These factors have led to some of the consolidations we have seen this year in the servicing industry. Q: Have you seen an expansion or contraction in the servicing industry? Kwasny: With the upstream pipeline of newly originated loans slowing down and the resulting downstream movement of loans themselves due to MSR sales, it has led to some consolidation. With more loans being placed with fewer servicers, this is impacting the quality of service. From that broader perspective, I would say that we are in a fluctuation phase for the servic- ing industry. Of course, this is not on the scale that is occurring with originators, for obvious reasons, but there is fluctuation, nonetheless. Martin-Leano: Rumors of large servicers that are for sale and few large players that have the wherewithal, capital, and appetite to acquire may lead to concentration of servicing in the hands of a few players. Is the industry prepared for its own version of "Too Big to Fail?" Banks may be moving loans out of their portfolio especially should a downturn oc- cur, and I am seeing fewer special servicers because of the strong economy. Russell: The origination side of the house has seen some contraction due to the nature of the current rate environment. As for servic- ing, after three-plus years of focusing heavily on COVID-19 solutions, I have noticed a contraction in third-party vendor solutions/ options, but only a minor consolidation in active servicing-focused shops. Q: What are some of the ways in which your company retains and attracts top talent? Keaton: We place significant focus on our people through fostering and measuring employee engagement; committing to com- prehensive Diversity, Equity, and Inclusion (DEI) initiatives; and developing a working environment and culture that fosters our company values. We regularly measure em- ployee engagement—our employees' pride, energy, and optimism that fuels their effort— and implement action plans that respond to employee feedback. We are committed to being a glob- ally diverse and inclusive workplace where every voice is heard and valued. Our affinity groups like the Ocwen Global Women's Network (OGWN), LEAP Black professionals' network, FREE (Freedom, Respect, Expres- sion, Equality) an affinity group for LGBTQ+ employees, and mentoring programs, when coupled with a culture of appreciation and collaboration, help provide a comprehensive ecosystem for our team to flourish. Our programs support employee needs for both work and life, including Fun@Work events, paid time off for volunteering, and wellness programs for physical, mental, and financial health. Additionally, many of our roles are also eligible for hybrid telecommut- ing opportunities. Merritt: We are focused on our culture and believe it is a differentiator. A major element of our culture is offering enrichment opportunities for our employees. We offer LinkedIn Learning and other tools to allow our employees to learn new skills in a variety of fields. COVID-19 also showed the importance of transparent communication about our goals, priorities, and results. To meet this need, we have added additional meeting cadences and communication tools to ensure our employ- ees are plugged into our mission. We have incorporated a hybrid work arrangement based on employee feedback. We have optimized our schedule to cre- ate collaboration opportunities for teams when they are in the office. We have also implemented a nesting period to help new employees integrate with the company and their teams successfully. Q: Are there any new tools you and your company are utilizing to enhance your business? Keaton: In servicing, we continue to strive to enhance the homeowner experi- ence. These new tools fall into two broad "Rumors of large servicers that are for sale and few large players that have the wherewithal, capital, and appetite to acquire may lead to concentration of servicing in the hands of a few players. Is the industry prepared for its own version of 'Too Big to Fail?'" —Jocelyn Martin-Leano, Chair of the National Mortgage Servicing Association (NMSA)