Nov. 2015-Opportunity Knocks

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 47 of 67

46 | Th e M Rep o RT O r i g i nat i O n S e r v i c i n g a na ly t i c S S e c O n da r y m a r k e t SERVICING the latest Servicers must ensure compliance Under regulatory Spotlight Mortgage professionals discuss the importance of communication with borrowers at the 2015 Five Star Conference Servicing Lab. n ew regulations and federal oversight have servicers constantly under the gun. Servicers must learn the rules of the road for creating effective compliance and business development strategies in today's evolving servicing market. As the practice of mortgage servicing continues to undergo sweeping changes—from SPOC to consent orders and everything in between—servicing finds itself in a near constant state of evolu- tion, mired with rules and poli- cies that make today's practice more complex than ever. In the 2015 Five Star Conference Servicing Lab, a series of panels and speakers addressed topics such as complaints, regulation, and compliance surrounding the servicing industry. The lab was directed by David B. Little, EVP of Servicing at US Bank. It was hosted by ServiceLink, a Black Knight Company, and co-hosted by Home Servicing, Stewart, Safeguard Properties, The Collingwood Group, and Seneca Mortgage Servicing. Eric Selk began the lab discus- sion by explaining the commu- nication gap servicers face with borrowers. "It's all about creating the best relationship and creating action with the borrower," Selk noted. "This is done by simpli- fying communication between servicers and borrowers." The next topic addressed was borrower complaints. Paul Nagai, principal at Ernst & Young kicked off this intense conversa- tion by differentiating inquiries or actual complaints among consumers. "Correctly categorizing com- plaints is a big issue in the industry," Nagai said. "The key is figuring out if the customer has an inquiry or an actual complaint." "Think of yourself as a cus- tomer, how would you want to be treated," he added. Ramie Word, VP of foreclo- sure at Nationstar Mortgage added, "Complaints are not new. One of the new things is sorting through these complaints." John Kennedy, director of credit portfolio management at Fannie Mae mentioned the importance of creating a single point of contact when borrowers submit complaints. "Fannie Mae, is passion- ate about customer service," Kennedy said. "We have a philosophy: Treat customers like family. They have a serious issue, and they need you. … We do our best to face this every day with open arms to help them." Nick Volpe, VP of product management at First American Mortgage Solutions also noted that "communication can be confusing for borrowers. They don't understand. It's inherently confusing if they are they are not in our industry." Note: The Five Star Institute is the parent company of MReport and

Articles in this issue

Archives of this issue

view archives of TheMReport - Nov. 2015-Opportunity Knocks