TMS’ Jason Kwasny on all things mortgage subservicing
Here is a small preview of the interview, which has been lightly edited for length and clarity:
Alcynna Lloyd: As you know, all sectors of the housing industry were impacted by the COVID-19 pandemic. This was especially the case for the subservicing market, which saw increased volumes, pandemic-driven dislocation, capacity constraints, and increased regulatory pressures. It’s now been more than a year since the pandemic first hit, and I’m curious how TMS navigated the initial impact of the pandemic and how it fared in relation to its competitors?
Jason Kwasny: That’s a really great question. At TMS, you know, we’re laser-focused on the customer. COVID, or no COVID. It’s always been a top consideration in the center of decisions and objectives that we focus on here. When it came to COVID, it was really no different. We knew that customers were going to need and depend on their service. Unlike any time in the past, they were going to be confused, scared, misinformed, etc. So, TMS knew we had to get out in front of that. As such, we focused on three things. And the first of those was proactive education on subservicing. We wanted to make sure that the customers understood the facts, whether that be around forbearances and how they work, what they are, more importantly, what they’re not, and what could happen during an act of forbearance. We also wanted them to know what their options would be relating to foreclosure, moratoriums, etc.; basically, everything that had to do with COVID as it pertained to the customer and TMS. So, we made sure that we pushed that information to our website with banners, FAQ’s through our blogs, customer notifications on their web portal, and video walkthroughs because we knew that customers would be out there hunting for it and we wanted to make it front and center and easy for them to find. In addition, and most importantly, we wanted it in plain language in layman’s terms and not technical industry jargon, so they could understand it. We also made sure all of our customer-facing agents were trained up fully and armed with the same information, so there was consistency should the customer call in with questions.
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Below is the transcription of the interview. These transcriptions, powered by Speechpad, have been lightly edited and may contain small errors from reproduction: