Game Change

TheMReport — News and strategies for the evolving mortgage marketplace.

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Feature NEWHUDHOARULES TOOKEFFECTJAN.2013 ISYOUREXISTINGCOMPLIANCE SOLUTIONWORKINGANDEFFICIENT? » HUDrequiresallHOAliensberemovedbeforetheservicer conveys title, effectively leaving the servicer to either negotiateremovaloffeesorpaythem. Can you quickly and easily determine if a property is in an HOA, and find the current HOA contact information, and negotiate with the HOA? » ServicersmustremoveHOAliensandpayanyoutstanding HOAfeespriortoconveyance. HOA outreach and negotiations can be very time consuming and have a tremendous impact on a servicer's resources and revenue model. SperlongaidentifiesallHOAs,collectspayoffdocumentationand negotiatesHOAfeesonbehalfoftheservicer.Allofourworkis warrantedtoaddanadditionallayerofprotectionfortheservicer. CALLSPERLONGATODAY! 888.214.7314 26 | The M Report at fixing consumer frustrations with the duration of the process, communication difficulties, and areas where an inability to understand created unpleasant experiences. A Deep Understanding S imply being great at electronic delivery or electronic signature isn't going to cut it anymore. It's not enough for technology providers to understand the best ways of getting documents from point A to point B. Providers must know what those documents mean, where consumers struggle, and how to clearly communicate all that back to their financial institution clients to help them improve the consumer experience. Continual investment in resources and intellectual capacity to ensure a deep understanding of the relationships between financial institutions and their business partners, their internal processes, and their internal and external workflows is now critical. Horizontally focused technology providers, where financial services is only one of many verticals they serve, will find it increasingly difficult, without deep pockets, to make the necessary investments to deeply understand this vertical. Beware Competing Priorities E ven as the CFPB (and its brethren agencies) push out new regulations, it is also simultaneously intensifying its focus on the consumer experience. These two areas require careful balancing as they can work against each other if not executed well. If in meeting regulatory standards the industry creates processes that are too complex for consumers, this is not a successful outcome. But getting it right can directly impact the top line. Carlisle & Gallagher Consulting Group's survey found that one-third of consumers are willing to pay more for a simplified consumer experience. Going forward, financial institutions will need more actionable data to know specifically where and how to improve customer transaction and interaction processes. Financial institutions stuck in paper-based workflows have considerably less access to this kind of critical data. These institutions can't see where their consumers are struggling or how much time is spent completing required tasks—all the data that the CFPB is profoundly interested in and is expecting financial institutions to leverage to improve upon today's consumer experience.

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