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More than 2,000 years since the Roman poet Virgil wrote "Fortune
favors the bold," the phrase holds particular significance for today's
mortgage servicing industry—especially given recent actions by the CFPB.
Between inconsistencies and fluctuating guidelines in the aftermath of a
year of forbearance activity and foreclosure moratoria, mortgage servicers
face a long road ahead. As a result, they will need to be bold to handle a
continuing onslaught of evolution and change.
ankfully, the COVID-19 pandemic
has ushered in greater sophistication in
automation, complex decisioning tools, and
overall innovation. If servicers have not
already embraced these new technologies, the
only sound method for future-proofing their
organizations is to do so now.
THIS IS NOT LAST YEAR'S CFPB
e CFPB has already been busy this year,
driving home the importance for servicers
to prepare to assist borrowers affected by the
COVID-19 pandemic. While Acting Director
Dave Uejio and Director-Nominee Rohit
Chopra have been aligning their courses of
action, the impact of the agency's increasing
focus on servicers may not yet be fully
understood.
With multiple moving parts, from rulings
to directives, servicers will need to engage and
educate employees—and borrowers—with a
progressive approach to doing business and to
remain compliant in 2021. ey'll also need
to understand the ground rules, which haven't
been completely clear.
In a recent comment letter sent to Uejio,
the National Mortgage Servicing Association
and the Mortgage Bankers Association
sought to ensure that the CFPB establish
the proper framework for mortgage servicers
to navigate the next phase of pandemic
recovery. e comment letter offers thoughtful
Feature By: Jane Mason
NO REST FOR
THE WEARY
In the aftermath of a year of forbearance activity and foreclosure moratoria,
mortgage servicers face a long road ahead.
