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January 2024 » thefivestar.com 43 January 2024 E X P E R T I N S I G H T S and allows servicers to focus on other high-level tasks. Of course, the benefits go beyond loss mitigation. Embracing mobile technologies that align with current consumer behaviors can help servicers streamline their overall operations, improve customer satisfaction, and stay ahead in an ever-changing landscape. Q: How does the borrower learn of their options? There are multiple ways borrowers can learn about their options. The most obvious are the borrower reaching out to the servicer directly to explain their situation or the servicer reaching out to them. However, many borrowers who are experiencing financial difficulties are hes- itant about talking with someone about their circumstances. Q: How crucial is staff training and development in addressing servicing challenges? Staff training and development are indispensable when it comes to tackling the complexities of mortgage servicing. Because loss mitigation regulations and guidelines are in constant flux, it's crucial for servicers to stay abreast of the latest changes, even if they are leveraging third-party expertise. That's where we're a little different than most default experts. We not only keep a close eye on new servicing guide- lines and regulations, but also provide cus- tomized staff training programs for small- and medium sized servicers. Basically, we provide our clients' teams with tools and resources that help them navigate the intri- cacies of default servicing rules, so they can focus on providing top-notch service to their customers. Time and time again, I've seen investments in staff training pay immediate dividends in operational efficiency and borrower retention—which, at the end of day, is what servicing is all about.