Joe Dombrowski is the director of product manager and chief mortgage strategist over Lending Solutions with Fiserv. Dombrowski is responsible for the strategic direction of the servicing software products from Fiserv. This includes the loan servicing system, LoanServ. Prior to this role, he assisted Fiserv clients by providing managerial consulting for loan servicing opportunities. With more than 25 years of experience, Dombrowski has a comprehensive background in the industry both in servicing and in technology. He is a member of several national lending advocacy groups, and has written and spoken extensively on servicing topics. Dombrowski has been with Fiserv since 1991.
[Commentary] Prior to the 2007 crisis, custom mortgage loan modifications were offered in certain cases, but they were left to the discretion of the loan servicer. Then the crisis hit. Now, however, the industry has stabilized, the challenge is to provide affordable mortgage relief, while enhancing the customer experience and differentiating a company’s brand. Here’s how this can be done.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.