CSC Expert Discusses Best Practices for Mortgage Loss Mitigation
In this article from the Best Practices in Loss Mitigation program book, CSC’s mortgage servicing expert Bart Bailey delivers some good news: Compliance doesn’t have to cost you more.
Over the past few years, mortgage loan servicers have experienced an escalating volume of regulatory change. And adapting to those new regulations costs money, requiring more people, more time and new processes for servicing.
But it doesn’t have to be that way. In fact, your ability to efficiently and effectively address new regulatory requirements could give you a competitive advantage over companies struggling to implement them.
Flexible, easy-to-use, multichannel technology is the key to success in keeping loan default management processes compliant without negatively affecting the bottom line.
“With the right processes and technology in place, loan servicing organizations can not only comply with new regulations, but they can reduce their loss mitigation costs by as much as 20 percent,” Bailey says.
The key to adapting to regulatory change and user demands is an easy-to-use, highly configurable solution. Key capabilities include:
- A user-friendly borrower portal that can significantly reduce calls to customer contact centers
- More efficient workflows to speed the process of gathering required documents and keeping borrowers informed
- A platform that unifies the multiple channels of default management and keeps everyone on the same page.
Read the article and learn how you can improve loss mitigation efficiency while creating an optimized user experience.
