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54 THE RIGHT TECH FOR THE TIME Of course, not everyone wants to talk directly to a person or can call during specific hours. Some borrowers may just want to do some research into their options and the realities of their financial situation before talking with a servicer. Many servicing companies provide a variety of online options for homeowners to explore before acting. Some servicers even created websites during the pandemic that allowed borrowers to see custom- ized workouts that were specific to their situa- tion—not just generalized scenarios. Although technology is often touted as a differentiator, it can make a significant difference for borrowers and lenders. Some servicers offer borrowers the ability to look up how much their home is worth, as well as how much they currently owe. e technology extends further so the con- sumer can see payment information broken down into what is due each month, principal, interest, and how much is in escrow, allowing borrowers to have a better understanding not only of their financial situation but also of what is involved in their mortgage. Making more data available to borrowers keeps them engaged and informed and can help them become better long-term clients for everyone involved in the housing industry, includ- ing mortgage brokers, lenders, and servicers. In addition to consumer-facing technology, servicers also need the right operational and technological tools to get their work done effi- ciently and expertly. Some servicers have advanced systems that allow them to track complaints or concerns expressed by borrowers. is not only allows for better customer service, as servicers can better track issues to their resolutions, but it also allows for the company to more readily take note of trends from consumers, prompting changes in workflow and policies where needed. As the market continues to shift, it is becoming increasingly important for servicers to shift with it. With rising rates in this newfound environment, servicers are becoming ever more critical to homeowners and lenders alike. With the right technology and the right staff, servicers can offer the tools that homeowners need to stay in their homes, as well as provide the best options for lenders to maintain their investments. STABLE SERVICE Although there are numerous servicers currently working in the mortgage industry today, they vary greatly in the actual services they provide. Some are merely the go-between for borrowers and lenders, while others are aligned directly with the lending company. ere are advantages and disadvantages to these scenarios, but lenders that directly service their loans do offer a few distinct advantages to borrowers and the market overall. Servicers that are part of the same umbrella company as the lender can offer continuity to the consumer. Instead of going through the process of acquiring a mortgage or refinance from one com- pany and then being immediately handed off to another separate company, borrowers can stay with the company they already know, one that offers a multitude of benefits, including the simple ease of having the same account number and knowing where and when exactly to send a payment. As the housing market continues to feel the effects of rising interest rates, the role of the servicer in the mortgage process will become in- creasingly important. With high home prices, low inventory, and higher interest rates combined with the lingering effects of the COVID-19 pandemic, it is likely that servicers will be working with bor- rowers for years to come to overcome the financial difficulties that many face. Servicers that have a wide variety of resources for borrowers at their disposal, as well as avenues with which to interact with those borrowers will be critical to keeping more satisfied customers, as well as enabling more lenders to be satisfied with the quality of their portfolio. Partnering with lenders with in-house servicing and strong technological tools can help everyone involved in the housing market to pro- vide the best experience possible for borrowers. Adel Issa is SVP, Customer Contact and Loss Mitigation, for Carrington Mortgage Services. He joined Carrington in 2009 and managed the Special Servicing and Short Sale departments. In 2012, Issa assumed the additional role of VP, Loss Mitigation. In 2018, he was offered the role of VP, Retail Lending, to lead the Portfolio Retention Center in Anaheim, California. Issa assumed his current role in March 2021. He possesses more than 28 years of experience in the lending and servicing sectors. Issa is a proud graduate of California State University Long Beach with a Bachelor of Science degree in business management. As the market continues to shift, it is becoming increasingly important for servicers to shift with it. Feature By: Adel Issa