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Technology Gets Servicers Close to the Borrower.
SAN MATEO, CA -- As defaults and foreclosures rise, the need for servicers to adjust how they do business is important. Servicers will have to get closer to the borrower and have all the needed information at their fingertips to deliver to that borrower over the phone in five minutes or less. Time is money and a borrower in distress doesn't make for a positive call, which means you have to get it right fast and on the first call.
"When you consider the numerous investor requirements, borrower demographics, all that has to be taken into consideration. The need to make the right decision at any moment in time is more critical in this market," stressed Don Morrison, CEO at Remend. "Over the last nine to 12 months we worked on asset valuation, risk monitoring, regulatory compliance, REO vendor management because a lot of that is outsourced, and expense control.
"We'll move into home and borrower retention next. We'll bring into the system the many investor considerations in handling a pre-foreclosure or delinquency. When the servicer is dealing with anywhere from 50 and up investors, it's a challenge to keep things straight.
"The better result comes when you're in a workout situation that is proactive," noted Mr. Morrison. "The servicer needs to amass a lot of information to talk with the borrower. You need to generate a complete net worth, a credit picture, etc., to get a full picture of the borrower. You want to do this without requiring much from the borrower, too. This all needs to happen in seconds.
"Second, you ...
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Source: HighBeam Research, Technology Gets Servicers Close to the Borrower.