It hasn’t been that long since the mortgage industry worked through the challenges of the early part of the century and now, once again, we find ourselves in a time when serving our customers is filled with financial hardships and uncertainty about the outcome.
Just like we can look back and analyze how our industry rebounded from the Great Recession, we will one day be able to do the same regarding the COVID-19 pandemic. At that time, the book will be open, so to speak, on how mortgage servicers responded to the situation. Now is the time to determine if your servicing operation will be known as one that was there for their customers during a very difficult time – providing empathy, care and fully informed options – or simply one that ensured payments were made on time.
While 2020 was a productive and lucrative year for mortgage lenders and loan originators, it was not nearly as positive for millions of Americans who ran into financial difficulties because of the impact that the pandemic had on the economy. Jobs were lost, or significantly cut back, and small businesses around the country were forced to close or limit their business hours, forcing many homeowners into the unfortunate position of choosing between making their mortgage payment or putting food on the table for their family. Thankfully, the option of forbearance provided time for these families and our economy to recover.