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Being the third wheel in life or in a relationship is often seen as a
detriment to one's own personal development. After all, how does a
person grow when trapped between the expectations of two separate
parties—parties that in fact may become oppositional or contradictory
due to the odd construct of third-party relationships in general? In such
an environment, third wheels often run flat.
Unfortunately, third-party vendors feel
the same way in today's heightened regulatory
environment within the default servicing
industry.
On one hand, servicers are leaning on
third-party vendors, asking them to function
as the backbone of the default servicing
industry, while simultaneously counting on
them to swim through a polluted stream of
new regulations governing everything from
how much control they have over their own
vendors to the execution of background checks
and compliance with local, state, and federal
servicing laws.
On the other hand, these expectations come
with additional costs, compliance regimes, and
challenges for third-party vendors who are
already tapped out financially and operating
within tighter profit margins.
It's how third-party vendors meet these
challenges that governs their ability to achieve
ongoing success in the competitive default
space. And many vendors, despite the odds, are
crossing the finish line. eir battle cry today
is in stark contrast to the struggling industry
six years ago, which faced backlash over the
robo-signing scandal and other servicing issues
stemming from a limited pool of players in the
market.
How vendors in default servicing lost and
gained traction in the compliance race
THE
SUPERHEROES
OF SERVICING
M A R K E T P U L S E
