62
Feature
By: Jimmy Lewis and
Sridhar Loganathan
SEIZING
THE MOMENT
When it comes to automation in the default servicing industry, the future is now.
ese are uncertain times for the real estate industry, and what lies
ahead is anything but clear. For businesses in the default servicing, REO,
and asset management spaces, however, this new cycle does not come on
the heels of record profits and volume. If anything, the default servicing
industry has been battling subdued volume for some time now. And yet, in
some scenarios, that battle will continue into the near future.
Although opinions vary as to when and
how much, it is highly likely that volume will
increase for default-based businesses in the next
year. How prepared they are for any level of
spike remains to be seen. But while automation
has become the order of the day for our cousins
in the origination and title insurance industries,
it's not clear that the default space has followed
suit—at least, to the widespread extent we've
seen elsewhere.
After all, it's a tall order in an industry
that historically endures thin margins to
ask businesses to invest thousands in new
technology while order volume is relatively low.
is is especially true when there's no guarantee
as to when volume will spike significantly.
Surprisingly, that's exactly why now is the
perfect time for businesses throughout the
default servicing space to thoroughly review
their existing operations and workflows, and
then update them for maximum efficiency
through strategy and appropriate technology.
Now, more than ever, the purchase doesn't have
to break the bank, nor does the implementation
period need to bring the operation to its knees.
THE SOLUTION—AUTOMATING
DURING LEAN TIMES
For decades, the larger real estate industry
had basically two choices when deciding to
automate: invest panic-inducing amounts into
global technologies and hope they had a feature
or two that addressed the purchaser's unique
