Mortgage Servicing Is Turning to Smart Self-Service
Sutherland
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At the most essential level of human interaction is conversation. It can be the genesis of a flourishing relationship. Or the blame for a breakup.
The most fruitful conversations happen when there is true interaction — almost as if people were finishing each other’s sentences yet adding new information to the discourse. That said, the lack of fruitful conversations with new and current borrowers is hobbling many mortgage servicers.
All this comes at a time of record-breaking origination volumes last year, coupled with rising mergers and acquisitions. This has mortgage servicers expanding the capacity and workforces of their systems to meet growing demand. Naturally, this is driving servicing’s cost per loan to skyrocket. And it doesn’t end there.
This is an abridged version of the original article published on the sutherland.com website.