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» VISIT US ONLINE @ DSNEWS.COM 49 accumulates individual complaints within the CFPB's Consumer Complaint Database, servicers must be able to defend themselves and their business practices against those grievances. Small to mid-size servicers can account for communication efforts and fight false representations if calls are better documented and borrower behavior is monitored. THE SERVICER-BORROWER RELATIONSHIP From the Treasury Department's mandates down to those of the CFPB, an extensive emphasis is placed on building relationships with borrowers who have difficulty staying current on their mortgage payments. Long before the financial crisis and subsequent regulations to combat another crisis, some servicers, unfortunately, were quick to merely satisfy regulators by checking off the bare minimum requirements to maintain relationships with their borrowers. Today, the industry better recognizes that strong borrower relationships can be a tremen- dously effective methodology to ensure that when and if a borrower reaches a high-level state of delinquency, the servicer can move as quickly as possible to bring that borrower current. In terms of loss mitigation, whether it is a short sale or loan modification, servicers can achieve the optimal solution for borrowers and their investors due to their ongoing relationship and knowledge of a borrower's behavior, accessibility, and loan terms. LIGHT WALLET, HEAVY COSTS e cost to implement a technology system that adheres to regulations and satisfies business objectives requires careful assessment. A configurable technology process that is effective in meeting compliance requirements, achieving business goals for loss mitigation, collections, and continuity of contact—while at the same time taking into account the special characteristics of the current regulatory environment—is now a vital requirement for servicers. e servicing industry will find more flexibility and compliance assurance with a system that is configurable to allow for changes over time. Systems that can easily configure and accommodate variations and changes in requirements, such as portfolio changes and staff accommodations, will eliminate vendor visits to re-implement processes and make compliance more affordable in the long run. Barry Hays is co-founder and SVP of TeleVoice, a provider of customized telephone solutions, including interactive voice response (IVR), computer telephony integration (CTI), and single point of contact (SPoC) to the financial services industry. SAVE THE DATE LEGAL LEAGUE 100 SERVICER SUMMIT APRIL 17, 2014 | RITZ-CARLTON, DALLAS 04.17-18.2014 April 17 Networking Reception April 18 Round-Table Discussion *The dates of the spring Legal League 100 Servicer Summit have recently been modifi ed due to a confl icting industry event. Please mark your calendars with these new dates. due to a confl icting industry event. Please mark your calendars with these new dates. NDUSTRY INSIGHT POINT- COUNTERPOINT