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66 lending experiences with regulatory, risk, and process requirements. As attitudes shift, servicers are transitioning their focus to the consumer experience and how technology can support that effort. is is manifesting itself in several ways, but all with a common thread in that they are centered on delighting their borrowers. ENSURE CONSISTENCY IN COMMUNICATION CHANNELS e first facet is how lenders communicate with their borrowers. ose borrowers want to be empowered to choose their preferred method of communication–this is evident in the wide variety of options consumers choose to use. Whether it is by letter, telephone, walk-in, online, or mobile, consumers want it to work seamlessly with their daily lives. is underlines the importance of lenders having the capabilities to deliver a true omni- channel experience to guarantee superior borrower communication support. at way, a borrower can select the best way to interact with their servicer, and pick up in one channel where they left off in another. For instance, if a borrower had recently initiated an escrow analysis via the web, but for whatever reasons their next touchpoint is a call, the call center agent must have the ability to see that the borrower had recently initiated the escrow analysis and is perhaps calling in with questions. Many borrowers may opt to have a completely digital experience, but still want to seek out consultation. Only, instead of phoning in, they want a real-time webchat. e same premise still holds true in that the agent should be aware that the customer had initiated an escrow analysis, is likely to ask about it, and will expect the agent to have answers at their fingertips. e point is that it simply isn't satisfactory to have many channels … all with different messages. e servicer's brand, personality, and helpfulness should shine through regardless of the channel used. If the branch experience feels more personable or friendlier than the call center or the mobile site–or vice versa– then the borrower is not receiving a consistent experience. Equally, if the borrower begins the conversation digitally they don't want to have to begin that dialogue from scratch when they show up at the branch. Today's borrower–indeed today's consumer–doesn't think in terms of unique, standalone environments; they want every channel from digital to human to possess the same personality and knowledge. PROVIDE INFORMATION ON THEIR TERMS e second facet is borrower education. is is related to how borrowers choose to communicate with servicers and consume information. Two demographic groups in particular are seeking trusted advisors– millennials and empty nesters whose grown- up children have now moved out of the family home. Millennials by nature seek out education and want to be taught when it comes to mortgages. In some cases they remember parents foreclosing on a home during the crisis, so they may have a level of distrust when it comes to mortgages. For empty nesters, they may be looking for advice about how to transition into retirement, securing a reverse mortgage loan, their equity, or whether they need to remain in a five-bedroom house now that the kids have moved on. Both cases represent different ends of the spectrum of adult life, but they are tied together by a common thread–they want an advisor to guide them through their life changes. Whether they want to talk to an agent face-to-face or engage via social media channels, a borrower wants to be able to gather information on a particular aspect of their loan in a way that suits the consumer. It's no longer enough to have a one-size-fits-all approach; it really needs to be custom-fitted for the individual. BLENDING HI-TECH WITH HIGH-TOUCH e best way to delight the borrower is to get the blend right between hi-tech and high- touch. Some borrowers may want to minimize the need for interaction, while others require it continually. e rise of digital labor and workflow to perform certain tasks helps servicers maintain consistent levels of service, especially in the execution of back-office activities. e automation of high-volume, repetitive transactions ensures adherence to regulation and business policy. e use of user interface- driven workflow can create a better experience for the borrower by ensuring every interaction is consistent in content and procedure across all borrowers. While the cost of these systems has come down, they have also become vastly more sophisticated–and they are in effect a software version of the robotic arm that assembles automobiles. is frees up staff to do what they do best–interacting with consumers. FOCUS ON DELIGHTING YOUR BORROWERS e regulatory environment will continue to evolve–the 2020 CECL requirements come to mind–and minimizing organizational risk will always be of paramount importance as this is the new normal we find ourselves in. However, top-notch customer service should always be top of mind, and the two are not mutually exclusive. It is not only possible, but also desirable, to shift the focus to the consumer experience, while still keeping your eye on the regulatory ball. rough the right mix of borrower communication, borrower education, and human and automated processes, loan servicers can provide the real-time lending experience consumers increasingly expect. Disgruntled borrowers are statistically more likely to report loan servicers, so compliance and customer satisfaction go hand-in-hand. Taking a customer-centric approach will delight your borrower and efficiently mitigate risk. "The rise of digital labor and workflow to perform certain tasks helps servicers maintain consistent levels of service, especially in the execution of back-office activities."

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