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C O V E R S T O R Y / S E T H W E L B O R N
How are default servicers reducing friction
and strengthening their networks?
With foreclosure volumes remaining historically low and the
cost of servicing a real issue for many companies working
within the mortgage sector, it's more important than ever for
servicers to maintain a focus on efficiency, innovation, and
streamlining best practices. Perhaps most important of all,
however, is one core pillar: communication. Without effective communication
between all stakeholders within the mortgage servicing spectrum, none of
those other target areas can hope to reach their full potential.
However, that communication can be
challenging when trying to navigate terrain
that includes technological hurdles, the ever-
shifting sands of compliance, and the tangled
network of banks, nonbanks, law firms,
government agencies, and service providers
who make up the landscape of modern
mortgage servicing.
With so much to consider—and so much at
stake—how are today's servicing professionals
managing their commitment to excellence,
both for their own shops and for all their
partners? is month, DS News spoke to an
array of industry experts to find out.
THE LAY OF THE LAND
e low-volume environment that has
defined recent years has impacted every step of
the servicing process. Within this more stable
status quo, what areas of focus have taken on
a higher priority, and what has shifted to the
back burner?
According to Eric Patrick, CEO of
Quandis, there's been no shortage of retooling.
"One recurring comment I hear is, 'We're
not going to stay this low on foreclosure
volumes forever,'" Patrick said. "ere was
an attempt to integrate the various players
during the last downturn, but much of that
integration was haphazard. At this point, the
large players are taking time to figure out how
that interconnectivity can be more efficient."
PARTS OF A WHOLE
