Let Valuation Tech Help Improve Your Collateral Valuation

Join this webinar to learn how technological advancements in valuation provide solutions to help lenders and servicers deliver more comprehensive offerings to their clients.

Talking proptech with FinLedger Director Holden Page

In this episode, Page discusses the hottest topics coming across FinLedger’s news desk. Topics include: the online banking market, what’s happening in the proptech space and recent private market deals.

With a reinvigorated CFPB, what’s next for the NYDFS?

While the CFPB is reinvigorated under the Biden administration, there’s plenty of room for it to retake a leading role and coordinate with the NYDFS.

Does your CRM hurt or help the customer experience?

In real estate, data is king. The more you leverage your own data the better off your agents or loan officers will be because they’ll be able to identify, target and create better customer experiences.

Mortgage

Are servicers ready for when forbearance ends?

Servicers are gearing up for the "watershed" moment

phone servicing

A federal law passed on March 27 provides protections for homeowners with certain mortgages that are federally or GSE-backed or funded. The Coronavirus Aid, Relief and Economic Security (CARES) Act takes a two-prong approach. It allows borrowers who are experiencing financial hardship due to the pandemic to request and obtain forbearance from their loan servicer for up to 360 days, and it also prohibits the lender or servicer from foreclosing on any covered mortgage until at least Aug. 31, 2020.

Robyn headshot
Robyn A. Friedman
HW+ Columnist

But with the Mortgage Bankers Association reporting that 7.8% of all mortgage loans were in forbearance as of July 12 – translating into 3.9 million homeowners – and delinquencies expected to rise due to job losses and the expiration of government stimulus programs, are servicers capable of handling the increased call volume and responding to the needs of their customers? And what will happen when the moratorium on foreclosures ends and servicers are faced with an onslaught of workout requests?

Many industry experts feel that servicers have responded well to the challenges they face from the coronavirus pandemic. “I don’t know that anyone could have prepared for this,” said Craig Martin, managing director, wealth and lending intelligence, of J.D. Power. “I think they’ve done a fairly good job in a very complex situation.”

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