HOW WILL SERVICERS REDEFINE THEIR LOSS MITIGATION AND FORECLOSURE PROCESS IN 2012?

In 2011 the mortgage servicing industry experienced unprecedented regulatory and supervisory change (i.e. consent orders, self-assessments, CFPB, AG settlement negotiations, etc.).  As a result, servicers in 2011 spent significant time and resources to quickly bolster compliance programs and improve operational practices including adding staff, improving policies and procedures, strengthening controls, amongst others.  Not only was this work done under a short and demanding time frames, it was often done without the benefit of having insight into peer/emerging practices.

Looking to 2012 servicers will now have to look for ways to redefine themselves by taking a more holistic approach to loss mitigation and foreclosure processes.  By assessing technology, re-engineering processes and maximizing operating efficiencies, mortgage servicers will be able to establish a competitive advantage among peers by both reducing the cost of collection and improving the borrower experience.

More specifically, this panel will cover four areas:

0. Discuss emerging practices in loss mitigation and foreclosure
0. Why the customer experience matters?
0. Strategies to minimize and manage complaints
0. How to improve the reporting process at all levels