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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 30 November 2024 C O V E R S T O R Y incremental changes, but as a whole, the industry, and servicers in particular, will look much the same as they did at the end of 2024. Now how it should evolve is the other side of that coin. As challenging as it was, COVID forced servicers to innovate and change rapidly to adapt to the needs of their customers and the market. This black swan served as a catalyst that saw more change over just a couple of years than what we had seen in the prior 10 years. This was a net positive for the industry and our customers. We saw an expansion in self-service offerings, advancements in user-friendly technol- ogy, and a clearer focus on the customer experience, just to name a few. Back to the question of how the industry should evolve: I believe that it needs to continue to drive forward and innovate as servicers did during COVID, without a catalyst forcing them to do so. The key to that is to double down on technological advancements, particu- larly the adoption and integration of AI. Embracing and adopting AI has limitless benefits for both customers and the servicers themselves. Just to name a few things, automation and AI can streamline processes, make operations more efficient, and reduce the need for manual interventions. The use of data analytics will help servicers better understand customer needs, predict trends, and make more informed decisions, all of which reduce the cost of servicing. But in the end, the true and most powerful benefit is that it will enhance the customer experience. And just like how we don't get to pick our parents, the customer doesn't get to pick their servicer. On that basis, we owe it to them to deliver the best experience pos- sible. Plus, if you are truly a servicer that cares, it is simply the right thing to do. That really should be the only catalyst we need in the industry to "evolve" by adopting and embracing AI. Q: How are you and your or- ganization working to meet those challenges? How has your strategy evolved over the past year? At Servbank, we have and will contin- ue to always be tech-forward, pushing the boundaries of what is possible using tech- nology and caring people to deliver the best-in-class customer experience while offering full transparency and genuine and collaborative partnerships with our clients. [Next year] will be no different for us. We will continue to heavily invest in and expand on our already measured adoption of AI in all areas. The use of AI has already allowed us to significantly increase our operational efficiency, lowering our cost of service while improving accuracy across the board. Along with our culture of care and three lines of defense, AI will continue to strengthen our already solid compliance and exceed the standards of regulators, regardless of who is in office. But in the end, it's our customers and clients and their experience that is paramount. Our utilization of technology and AI has allowed us to further enhance the customer and the client experience with more personalized and impactful service. As a result, we have seen our Net Promot- er scores, one-call resolution rates, and customer satisfaction scores consistently reach record levels—levels that are on par with some of the largest and most beloved companies on the planet. This is something we are extremely proud of. It validates our operational philosophy and belief that if we continue to invest in and listen to our people and embrace a fric- tionless, tech-forward business model, we will create excellence for our customers and clients. Q: How are you preparing for potential economic down- turns or fluctuations within the housing market? What strategies are you implementing to mitigate risk? To answer this question, you really must look at how companies and people FEATURE STORY THE BEST SOLUTION IS NOT ALWAYS THE SHINY NEW TOY While it can be debated as to how much default and foreclosure activity lies ahead, default servicers must carefully examine their tech systems to keep ahead of the curve. FEATURE STORY DRIVING GROWTH: LEVERAGING HOME EQUITY TO EXPAND LOAN OFFICER OPPORTUNITIES In a tight market, LOs seeking to diversify their offerings are turning to home equity products to expand their role and become a financial guide for life. COUNSEL'S CORNER FACING THE FORECLOSURE AND BANKRUPTCY CHALLENGES OF TODAY Robert S. Kahane, a foreclosure and bankruptcy attorney with more than 30 years under his belt, discusses current compliance issues related to loan servicing process enhancements. EXPERT INSIGHTS TONY JULIANELLE, CEO OF REAL ATLAS ESTATE discusses current market trends and the forces that will shape the landscape in the industry. ALSO IN THIS ISSUE: Brought to you by & YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS AUGUST 2024 Magazine The Burden of Proof MortgagePoint profiles Bron, Inc., a company that has carved out a unique niche with a focus on crucial but often-overlooked tasks such as managing registrations, utilities, and HOA verifications. Subscribe to MortgagePoint and MortgagePoint Digital now! Call 800.856.8060 to take advantage of our special offer! Experts you trust. People you know. News you want. MortgagePoint is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MortgagePoint Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MortgagePoint believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Brought to you by & YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS JULY 2024 Magazine White House Main Street America TO FROM THE As the November elections near, what ripple effects will the next Administration have on the housing industry? MortgagePoint gathered a panel of experts to dig deeper into the impact of the Presidential Elections and potential changes in the White House. TO YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS OCTOBER 2024 Magazine The Industry Leaves Its Mark at Five Star Conference Exclusive coverage from this year's Five Star Conference, including profiles of the Lifetime Achievement honoree, the Women in Housing Leadership Award recipients, and more. THE 2024 FIVE STAR CONFERENCE & EXPO SEPTEMBER 24-26, 2024 DALLAS, TEXAS