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From increased fraud risk to the ongoing low-volume foreclosure
environment, those working in financial services and default servicing
law faced a multitude of challenges in 2019. Here at the dawn of a new
decade, DS News spoke to an array of subject-matter experts representing
the firms and servicers who are facing these obstacles on a daily basis. ey
spoke to us about their biggest takeaways from 2019 and the factors most
likely to shape the year ahead.
On some fronts, the battles of 2019 were
much the same as those that defined the past
decade. Servicers continue to work to find
ways to balance innovation, compliance, and
customer service against the realities of cost
and consolidation.
Meanwhile, at the federal level, there
are several cases in play that may have
significant impacts on the landscape of
mortgage servicing, such as Seila Law LLC v.
Consumer Protection Bureau, which places the
constitutionality of the CFPB's leadership
structure into question.
Legal professionals have also dealt with
the shifting tides of fraud. Tasked with
maintaining extensive volumes of data and
personal information, how can attorneys and
servicers keep their clients safe from fraud
and other malicious data attacks?
DS News spoke with financial servicing
law professionals on what they're looking out
for in 2020, and what they're doing to remain
adaptable, nimble, and prepared.
ADAPTING TO MARKET SHIFTS
"One of the major themes in 2019
has been the continuance of historically
low delinquency rates across the nation,"
said Caroline Reaves, CEO, Mortgage
Contracting Services, who added that this
trend "goes hand-in-hand with the strong
KEEPING
AFLOAT
On the cusp of a new decade, financial services attorneys and other
major industry players look back on what they learned.
Cover Story
INDUSTRY INSIGHT
By: Seth Welborn
