Is your Loan Servicer Prepared to Deliver Results?
I attended the Experian Credit Trend webinar yesterday (see detailed presentation below) and there were various economic and credit factors that stood out to me. Several of these included:
- Page 8: Only 1/3rd of the jobs have come back since the shutdown in March
- Page 9: More people are saying the layoff is permanent
- Page 11: Financial Services holding up the best by industry vertical
- Page 21: Unemployment could still peak above 15%
- Page 24: Lowest-paying jobs have suffered the greatest
- Page 29: Mortgage and bankcard delinquency increased this past week
Other data revealed through the presentation and discussion yesterday is a sign for investors to ensure their servicers are prepared to manage the wave that will hit.
Questions and audits should be completed around some of the following:
1) How are calls handled and routed today? Gaps identified and how will they be routed during peak or spikes?
2) How are borrower self service options and channels working?
3) Does the servicer have a detailed customer journey map developed with all the inputs/outputs/customer feelings and touch points mapped?
4) How is the servicer applying machine learning/AI and other intelligent technology to deliver great customer experience and efficiency?
5) What and who are the outsourcing vendors/suppliers in the journey map. Are they ready and how are they integrated from a data/process/talent/systems perspective?
6) How many scenarios are thought through and documented? Clear strategies and operating plans defined and documented?
7) Data and reports around how their remote employees are managing personal information on behalf of customers. How is the productivity and quality of the work?
8) Are there subservicers or special servicers identified as back-ups ready to go? What triggers the work or release (key metrics)?
Many moving parts to plan through and in some cases take strategic actions now in order to deliver exceptional service for all the pertinent stakeholders. M. Allen and Computershare Loan Services can assist with your readiness. For additional information related to our solutions and services, please email email@example.com.
Previous Blog Posts
Click to view blog
While there are many facets to the default servicing industry, one of the more overlooked areas by many institutional owners and investors is the selection of a well-equipped property preservation and inspection vendor who can...
We've interview Spectrum Solutions Acquisition's Nation Sales We interviewed Spectrum Solutions Acquisition's Sales Director Bill Bueller who provides field inspection, property renovation and property preservation services to discuss the challenges they face and how...
https://youtu.be/8NXhMisueYc Greg Rosner of PitchKitchen Interviews Troy Routh, COO of Spectrum Solutions on how the industry of Real Estate players such as Property Managers, Landlords and Tenants are affected by COVID-19. Greg Rosner has been instrumental to...
Mortgage Industry Executive Session SummaryLast week I spent two hours hosting, with Speridian Technologies, an executive round table session discussing the mortgage industry. Summary of the conversation is outlined below: Top Five: Biggest pain being felt today? ▪...
Your Property. Our Passion.Calm before the storm later this year. Spectrum is assisting loan servicers and real estate investors with attacking quality issues, code violations, FHA conveyance challenges and natural disasters. We're providing an overview into how this...
Latest Housing Trends Published by Realtor.comRealtor.com's research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19...