DS News

61 Coon also noted that video interactions tend to better evoke and build a sense of empathy than online self-servicing. However, some servicing workers still have issues such as noise (pets, etc.) or bandwidth issues, so video can only be used on a limited basis. Coon recommended testing video systems before deploying them. Coon said that he expects text to eventually become the communications channel of choice for servicers and their borrowers. Whatever channel is used— even if it is a mix of channels over time— servicers need to keep meticulous records of conversations so details can be recalled when necessary. Regardless of the channel, the servicer can't be solely focused on the transaction, Lawrence said. During customer interactions, it's important for team members to acknowledge borrowers' feelings and allow customers to receive the information they need quickly if that's all they are after, but also let them know staff are available for a deeper conversation if that need arises. "We need to do to get them back on track, whether that's a modification, deferment, or reinstatement, Lawrence said. In part, this means making sure they are informed and educated about all the various options available to them. "We've got to make sure that we're challenging the investor community as well on making sure that the documentation that we asked for is appropriate for the transaction and we're not being overly cumbersome," Lawrence added. "After the last financial crisis, it was really hard for borrowers to get into some of the programs because you had to send so much information." Getting the proper information to borrowers when they need it is essential to maintaining engagement, Coon agreed. "We have to make sure they're simple; we have to make sure they're understandable." "e best thing that we can do is set expectations of what's likely going to be required and be really communicative," Schachter said. "e more we can set expectations for the for the for the borrower who's going through the difficult situation, the better with we're preparing them to be able to respond. at includes making sure we can do that, and not just in one format, not with just one channel, but to engage them in an omnichannel way." Schacter added that servicers can establish and enhance customer relationships by proactively sending them not only relevant account information, but also informational articles about servicing, forbearance, refinancing, and other options available to them. "It's valuable information, and it's free," Schachter said. Servicers need to be able to quickly change channels, because customers will often start an interaction in one channel, then switch to another," Staid added. "You need to be nimble with your platforms. ere's no choice with the way things move today." at kind of flexibility is also needed to stay abreast of rules and regulations, particularly at the state level, Lawrence said. "Bots are wonderful, but they go sideways fast, and you need to be able to engage over to a live agent quickly." ere's no question that mortgage servicers face a complicated list of challenges this year. But after the unprecedented landscape they have been navigating since 2020, there's no question they can surmount them—so long as they approach the needs of both borrowers and their own teams with proactive intent and a healthy dose of empathy. Phil Britt started covering mortgages and other financial services matters for a suburban Chicago newspaper in the mid-1980s before joining Savings Institutions magazine in 1992. When the publication moved its offices to Washington, D.C., in 1993, he started his own editorial services room and continued to cover mortgages, other financial services subjects, and technology for a variety of websites and publications. "I'm a big believer in training and making sure that the training is not only about content specific information, but also that we're highlighting soft skills, through the training and encouraging agents." —Steve Schachter, President, SourcePoint

• Cover