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.

CoronavirusMortgage

Servicers face “greatest nightmare ever” as coronavirus spreads

Servicers taking hits on all fronts

Row of houses

There is no question that mortgage originators have faced difficulties the past few weeks when it comes to moving to remote work, handling the high levels of applications and requests for refinances and much more. But these issues are also carrying over to mortgage servicers. 

No one could have predicted what would happen to the mortgage industry after COVID-19 began to spread. The mortgage application volume increased a full 55% in one week, and was up 479% from the year before as rates tumbled. 

The Federal Reserve cut rates, and then cut rates again before even making it to the Federal Open Markets Committee’s March meeting. These rare inter-meeting cuts came after the worst stock market retreats since 2008, with the federal funds rate dropping to 0%.

But for servicers, the situation is much more dire as they face problems on multiple fronts caused by the virus, along with the increase in demand.

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