The mortgage field services industry has not historically been known for being on the cusp of new technologies. It was only five years ago that property preservation results, repair bids and photos were transmitted via fax from contractors in the field. Many of us still remember the days before digital cameras, when photos were taken using Polaroid cameras and mailed to servicers. Efforts have and are still being made, however, to continually advance the efficiency and effectiveness with how national field service providers operate. Technology is an essential factor, especially when addressing the uniqueness of today’s housing market scenarios.
In recent years, new technologies and updates to electronic processes have made their way to the servicing back-end and in particular, technology in field services has grown. In recent years, servicing professionals have been faced with unprecedented volumes, combined with associated risk and scrutiny. From a technology perspective, more efficient processes and greater process integrity are required.
Some of the challenges include the multitude of parties involved and the necessity to safely exchange timely and sensitive information, the large volume of REO inventory sitting on servicers’ and investors’ books, as well as new challenges, including hundreds of new local property codes and federal mandates that must be managed.
In response to the technology needs of a constantly changing industry, two primary aspects drive field servicers’ search and implementation of technology: flexibility and efficiency.
Mortgage servicing is cyclical, so participants must be ready for changes in capacity to quickly redirect or modify existing resources without interrupting business. Technology helps to aptly scale processes and the workforce.
Also, field service companies manage an inordinate amount of information. In the time-sensitive nature of default mortgage servicing, any information exchange must be accurate and rapid since property inspections, preservation work and REO property maintenance, rehab and repair all require actions contingent on one another.
