TheMReport — News and strategies for the evolving mortgage marketplace.
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July 2023 » thefivestar.com 33 July 2023 F E A T U R E Russell: Carrington Mortgage Ser- vices has a history of being a well-situated and trusted servicer. One unique quality may be that we will not have to "shift," because we have been in preparation for these possibilities for years. The ability to look forward and make decisions based on what the long-term environment is go- ing to look like, and not just make adjust- ments due to more immediate concerns, has set us up for success for the current and future economic environments. Q: What is your assessment of the servicing landscape for the remainder of 2023 and beyond? Martin-Leano: The deployment of technology continues to be a challenge. Will there be a disruptive player that can take technology to the next level? In terms of loss mitigation programs mandated by the government, will they impact capital markets' appetite, especial- ly in the private mortgage space? How will the upcoming elections affect housing policy and the depth and extent of the programs to keep people in their homes? These are the primary ques- tions being asked as we moved forward through 2023 and beyond. Merritt: With the current macro- economic factors, I would expect the next 12 to 18 months will continue to be challenging in the servicing space. These economic pressures will most likely lead to increased default volumes. I expect a variety of new loss mitigation programs that will be released by the GSEs and agencies to give additional tools to offer programs in a high-rate environment. The good news is that the servicing industry has a proven track record of meeting these types of challenges and will be ready to help homeowners that are impacted. Longer term, the mortgage servic- ing industry is ripe for a technological revolution. Key systems, vendors, and tools are all exploring ways to utilize AI to streamline processes and deliver more consistent results and better customer experiences. I think we will make great strides in delivering new and impactful ways for our customers.