Recruiting & Training
Nearly every day, the headlines announce new layoffs in the mortgage industry. But the silver lining is that those layoffs are occurring on the origination side of the business. Even as loan officers, processors and underwriters are getting the ax, many companies are beefing up their loan servicing departments, especially mindful of the looming increase in defaults and foreclosures. Now is a good time to be in the industry if you have experience in default management, servicing compliance or loss mitigation.
For those that don't, now might be the time to start developing those skills. The Mortgage Bankers Association's educational unit, CampusMBA, and companies such as AllRegs offer programs designed to help mortgage industry veterans hone their skills in various areas of expertise.
And within the servicing arena, new technology, market conditions and an increasing emphasis on customer service are changing the way companies train and recruit their workforce. Gone are the days when people working on delinquent accounts were called collection agents. Now, more often than not they are loan consultants. They are trained to help troubled borrowers find a mutually agreeable way to satisfy their loan commitment. And lenders are training them to help borrowers find a way to stay in their home whenever possible.
The emphasis on hiring and training for default management isn't likely to go away anytime soon.
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