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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 26 November 2024 C O V E R S T O R Y TAKING THE PULSE OF MORTGAGE SERVICING: INDUSTRY LEADERS ON WHAT'S AHEAD MortgagePoint speaks with servicing executives about the current state of the industry, the challenges they are currently navigating, and what they expect for the year ahead. B y DAV I D W H A R T O N T he mortgage servicing land- scape has long been a crucible of change, where today's decisions lay the groundwork for the industry's future. Servicing teams must manage shifting delinquency rates, regulatory demands that may pivot with each new administration, and ever-in- creasing operational costs while keeping their fingers on the pulse of the modern consumer and advancing technology. In this month's cover story, MortgagePoint gathered perspectives from industry executives who shared how they're nav- igating these challenges and what they expect servicing teams may encounter in the year ahead. Many of this month's subject matter experts were drawn from two of the Five Star Institute's industry membership groups: the National Mortgage Servicing Association (NMSA) and the Mortgage Servicing Executive Alliance (MSEA). With a membership comprising more than 90% of the mortgage servic- ing market, the NMSA is a nonpartisan organization driven by senior executive representation from the nation's leading mortgage servicing organizations, formed to effect progress and change on the key challenges that face the mortgage servicing industry. By bringing together decision-making executives from across the nation, the NMSA drives the conver- sation on shaping the American housing industry for the benefit of homeowners. Formed in 2023, the MSEA is a plat- form for nurturing the next generation of mortgage leaders. MSEA offers exclu- sive access to mentorship, collaboration, and professional growth opportunities within a network of industry experts and visionaries. Here's what our panel of mortgage servicing executives had to share. Mike Blair EVP & COO, LoanCare A s LoanCare envisions the mortgage servicing industry evolving in 2025, several key themes emerge that will shape our strategy and adaptability in meeting upcoming challenges. Our strategic approach has been focused on addressing these trends and challenges to ensure we remain at the forefront of the industry. 1. Evolving Industry Landscape and Key Trends Digital Transformation: Techno- logical advancements will continue to drive change in the mortgage servic- ing industry. Borrowers will expect a seamless, digital-first experience, and servicers must adapt by investing in advanced technology solutions. Generative AI and Regulatory Considerations: AI-driven solutions will continue to transform mortgage ser- vicing, enhancing customer experience, and streamlining processes. However, with the increasing adoption of AI, regu- latory scrutiny will also grow. Servicers must strike a balance between lever- aging AI's potential while maintaining D A V I D W H A R T O N , Editor-in-Chief of MortgagePoint, has 20 years' experience in journalism and previously worked at Thomson Reuters as an Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. He has worked at Five Star since 2017, having previously served in Associate and Managing Editor roles. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. He is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. He can be reached at David. Wharton@thefivestar.com. EXECUTIVE EXPERT