The mortgage servicing industry is at a crossroads right now.
The industry that was pulled up into prominence after the mortgage collapse of the last decade can now see ahead to a time when the repercussions of that vast disaster wont be occupying them 24 hours a day. What will happen then?
Smart servicers are not going to want to go back to the old status quo after the foreclosure boom runs its course.
Why shouldnt new age servicers share some of the responsibility and reward of new age originating? Servicers have had to become adept at underwriting techniques as they have done hundreds of thousands of loan modifications (often hiring old originators from defunct firms).
They have also become adept at mortgage counseling, a function normally in play before the origination rather than after the default.
You can expect these issues, and many others besides, to be explained in clear detail during the 7th Annual Mortgage Servicing Conference, to be held in Dallas April 22-24. I hope to see you in Dallas for this timely and informative exchange of key information and data.
Mark Fogarty Conference Chair
Editor in Chief, Mortgage Servicing News