Conversations About QC: The End of an Era: Servicing Post-Pandemic
May 24, 2023
This month’s Conversations About QC features Faith Schwartz, CEO and Founder of Housing Finance Strategies, and Kristin Broadley, Chief Innovation Officer at QC Ally discussing servicing post-pandemic.
During the pandemic, borrowers were given many options related to Forbearance, Loss Mitigation, and Home Retention to help them stay in their homes during times of hardship. This shift meant servicers had to adapt rapidly. With rapid change came lack of documentation and oversight. After all, it’s hard to move a large ship without proper lead time.
While the industry as a whole supported one another to ensure this was a success, rushed rollouts and strains on existing processes meant not everything was seamless. Now that the COVID-19 emergency declaration has come to an end, servicers are adapting fast and furiously to Investor and Insurer changes and their impact on consumers, systems, and processes.
In addition to the end of the national emergency declaration, the face of servicing is quickly evolving:
- Investors are taking action. They came together to mitigate what could have been disastrous during the pandemic. Coming out the other side, it’s important to adjust governance and oversight and monitoring accordingly.
- The CFPB has released policy statements around abusive acts or practices. For servicers, this means clarity and transparency related to borrower communication is absolutely critical during this time of change.
- Mortgage Servicing Rights (MSRs) are set to reach record sales. The support, coverage, and reassurance that a sophisticated quality control partner can instill will be pivotal as the industry evolves.
The Bottom Line
A proactive and robust testing and monitoring strategy — including client communication, policy reviews, and process testing — ensures you don’t expose yourself to liability.
Watch the complete video today to gain a better understanding of why taking a risk-based approach can protect you in the long run.
Sign up to watch at conversations.qcally.com