32
I N D U S T R Y I N S I G H T / A L A N J A F F A
e secret to being a successful team is being prepared. For
professional sports like football, that means updating and study-
ing an extensive playbook where coaches and players keep a
record of their plays or a plan of action to learn and memorize
for use during a game. Playbooks serve as a mental blueprint
or diagram for every player on the field. ese plays are extensively practiced
and reviewed before being applied during a game, so every player knows what
to do when each play is called. ey have specific assignments and follow them
accordingly.
Like the playbooks created by football
teams, the mortgage servicing industry needs
to establish guidelines and continuously update
them when managing their portfolios follow-
ing a major storm or disaster. ese guidelines
will alleviate some of the challenges and answer
questions when managing properties both for
current loans and those in default. e most
recent hurricane season was unprecedented and
when coupled with disasters like the wildfires
in California, a coordinated strategic approach
is necessary to protect properties. Property
preservation companies are on the front lines
when disasters hit and offer ongoing communi-
cation and information before, during, and after
a natural disaster. Progressive companies will
utilize data and technology to help servicers
make better business decisions.
PLAY 1: CALL ON THE FIELD
Before disasters strike, mortgage servicers
look to their property preservation companies
DISASTER
PLAYBOOK
