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64 COMMUNICATION IS MISSION #1 Keeping borrowers happy lies at the heart of every servicing operation, but historically, this goal has never been easy or cheap. No two borrowers are ever alike, and running contact centers and recruiting, training, and retaining associates comprises the bulk of every servicer's costs. However, servicers have rarely encountered such disparity in the types of needs today's borrowers have, which makes delivering a wonderful experience to every customer an almost impossible task. e vast majority of homeowners are doing great in the current economy. As home values and incomes rise, many borrowers are looking to refinance or take money out of their home to make home improvements, pay down debt, or put their kids through college. On the other hand, millions of other homeowners continue to be impacted by job loss and struggle financially. More than 1 million borrowers remain in forbearance plans, some of whom will ultimately be able to resume making payments and some who will need other options. Still, others have seen their homes damaged or devastated by one of the growing number of natural disasters. To help such a wide range of borrowers with diverse needs, having associates with great communication skills is essential. In fact, when it comes to ensuring customer satisfaction, nobody plays a larger role than a servicer's associates. In today's digital age, however, borrower interactions are taking place through many different channels, each rich with nuance. In any one instance, it can be easy for a servicer's associate to misinterpret what a borrower is saying or vice versa, which inevitably creates stress and frustration. As the adage goes, "bad news travels faster than good news." It's true that a good service call can strengthen a servicer's brand, create loyalty and trust in the borrower-servicer relationship, and possibly result in a positive social media post or review. One negative experience, however, can impact a servicer's reputation or lead to an inquiry by a regulatory agency, be it the Federal Trade Commission, the Consumer Financial Protection Bureau, or a state regulator. It is also important to know that a servicer's associates represent the last chance a servicer has to preserve a borrower relationship. And every associate's performance boils down to their knowledge and skill level, how well they know their company's products and services, and how well they communicate this information. Associates are also trusted to stick with company protocols for handling exceptions and ensuring borrower interactions do not draw the interest of regulators. Even for the most experienced associates, this can be tricky. If you have professionally trained people who are empathetic and great listeners, you should be able to count on them to take care of your customers and create great experiences. Yet invariably, some associates are better than others. And any single borrower interaction can go sideways depending on the tone of the engagement and the borrower's mood. Making sure every interaction goes as smoothly as possible requires constant vigilance, transparency, and oversight—which is almost impossible. At least not without a little help. GIVING ASSOCIATES SUPERPOWERS In recent years, artificial intelligence (AI) and robotic process automation have gained plenty of steam in the mortgage industry. For the most part, these tools have largely been applied only on the front end of mortgage transactions during the origination process. However, they are starting to make an impact in servicing, particularly when it comes to crafting a more efficient and pleasant experience for the customer. AI-driven technologies have the ability to completely transform the customer experience by automatically evaluating interactions with borrowers and identifying ways to create successful engagements. e magic lies in their ability to learn and analyze previous conversations with borrowers and singling out factors could be used to develop engagements that are both positive and compliant. ey can also be used to coach associates in ways to improve the borrower experience as well as measure the performance of associates and reward them for a great outcome. A useful way to think about AI-driven technology when applied to customer contacts is that it acts similarly to a smartphone navigation app, only instead of helping people navigate while driving, it helps navigate conversations. However, it's even more powerful. is technology has the ability to truly Feature By: Steve Staid To help such a wide range of borrowers with diverse needs, having associates with great communication skills is essential. In fact, when it comes to ensuring customer satisfaction, nobody plays a larger role than a servicer's associates.