Mars' closest approach was yesterday, October 6, and the actual opposition will be next Tuesday, October So, wait, we've already missed closest approach, and the opposition will be over before the actual talk happens?
Similar towe are seeing the importance of communicating with borrowers and rolling out assistance quickly. Thankfully, the federal government is acting much faster as well, primarily by placing a moratorium on foreclosures and evictions and giving borrowers the option of putting off their mortgage payments. All things being equal, mothers are often the parent that. My own company has made ificant investments in technology over the years.
For example, troubled borrowers today are more willing to try anything they can to get a response from their lender or servicer. She has over 10 years of experience in the mortgage servicing industry in sales and business development, client management and MSR acquisition.
There are some helpful differences between today andhowever. The pandemic, along with the questions that we as a nation have been asking recently, is also providing an opportunity for leadership within companies to examine themselves. But I stayed in the industry because I found it incredibly fulfilling. We can also expect to see the increasing use of technology to help determine which borrowers may need help but have not yet asked.
I am grateful to have the opportunity to continue to advocate for sensible housing reform and strong policies that help the American people keep their homes, all while doing it from the comfort and safety of my own house. Fortunately, servicing organizations that have not fully embraced these technologies still have time to do so, and thereby reduce losses as the risk of defaults increases in the coming months.
The professionals in our industry continue to amaze me with your strength, enginuity and passion during this time. The fact that we are still getting both done is amazing. We are interested in original writings relevant to the mortgage industry as it relates to Legal, Regulatory Compliance, Risk Management, and Quality Assurance issues. And these situations are real life; every decision we make impacts somebody directly. For example, we just created the ability for borrowers to apply for and immediately receive forbearance online by providing just a couple of pieces of information.
Is it comprised of older white males, or are women and minorities also represented? For them, there is no light at the end of the tunnel, and no telling where things will end. Yet many other servicers have been ill-equipped to handle the enormous wave of forbearance requests because they failed to make the proper technology investments or align themselves with partners that could help them scale quickly when needed. Our homes have not only become our sanctuary and our primary location for isolation, it has also been transformed into a defacto office for millions.
Borrowers literally left work on Friday, and on Monday found out they were out of a job.
Wed, 07 oct
The publication seeks to provide education and knowledge to give each professional woman key tools to achieve their highest potential possible and to enable them to take advantage of the opportunities before them. Meanwhile, 4. From an operations perspective, video conferencing is also a big difference between and today, which servicers can use to remain productive and stay in touch with their teams. For additional copies for your colleagues and co-workers, please visit our website at www.
Many larger firms, on the other hand, have had trouble transitioning to at-home workforces and are scrambling to find the right platform to use. This is not only present in our personal lives, but also in our places of business, relative industries and even future decisions that we make. For instance, our industry has much stronger regulations in. And yet, with every crisis, difficulty, or challenge, we know there are also opportunities to learn, grow, and improve.
Are we diverse enough? d in all 50 states. The pandemic, on the other hand, was such a sudden hit there was no time to even brace ourselves.
In addition to COVID still being a global threat, our country is dealing with civil unrest, discussions are taking place that are seeking to further divide our citizens, all while we are gearing up for one of the most polarizing presidential elections we have ever experienced in our lifetime. The biggest difference, obviously, is that nobody saw this crisis coming. Smaller firms in general have more flexibility and wiggle room to customize their services to fit what their borrowers and business partners need, because they typically do not require the lengthy legal reviews that can take larger organizations three months or longer to complete.
Many companies, like my own, have been asking how they handled similar issues during the last crisis.
During so much turmoil, uncertainty, pain and disruption, it is no surprise that we have all had to make concessions and difficult choices in order to ensure survival and sustainability. Obviously, we should have been answering these questions much sooner, but it is certainly a great time now.
So when the pandemic hit, we were able to quickly transition our team to work from home because we had the tools to make it happen. NMLS Three months ago, the entire world of servicing changed in an instant as the COVID pandemic led to millions of job losses and a mountain of forbearance requests.
These steps will undoubtedly help millions of Americans suffering job losses and financial difficulty to stay in their homes. The Great Recession and the foreclosure crisis were still happening when I entered the mortgage servicing industry a decade ago. Personally, I enjoy working with people faceto-face.
The subscription is FREE. Through the magazine's networking and connection from readership, each woman has the opportunity to be inspired and extend that through mentorship-furthering achievements to the highest level positions possible in the mortgage industry.
Without sounding redundant, it really is hard to believe that at the beginning of this year, we had no idea what was to come. When I look back at that issue, which was finished at the end of February, not one word was uttered surrounding the pandemic. More companies are now looking at their executive board with the understanding that potential customers and business partners are judging them based on what their board looks like.
While housing finance has been the bedrock of our economy for decades, the need for sustained access to stable housing is now more important than ever, and our industry has risen to the occasion. Over the past three months, roughly 44 million workers have filed jobless claims, which is more than one in four American workers. People are watching and listening to what we in the mortgage servicing industry are doing every day. Do we have enough diverse voices in our company?
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One of your marketing strategies is to call five past clients per week. In this issue, we wanted to highlight what women in housing have done to answer the call, and our contributors did not disappoint. Do we have enough women in management? Your CRM sends a monthly to your past clients.
Cindy Silva is the Director of Sales for BSI Financial Services, a leading provider of technology and outsourcing services to banks, private equity firms and hedge funds in the residential mortgage sector.
We are also seeking guidance from federal agencies on which loss mitigation options to follow once borrowers emerge from forbearance, whether that happens in three months or a year from now. Organizations that have made the proper investments in technology will also come out. Often, these are the smaller companies that are best able to rise to the occasion and maneuver through difficult times. But there are key differences, some subtle and others not.
Women like myself who work full-time and are also raising children have found balancing the two roles extremely challenging. It was a very tense time.
Before the Great Recession, servicers could at least see where things were headed and that trouble was on the horizon. Even though many servicers still did not prepare, there was at least time to do so once it began. Call QLMortgageServices. Many women, like myself, have to work and take care of their kids, which is basically two full-time jobs. Social media platforms are also playing an important role in the current environment, as are new technologies such as artificial intelligence and robotic automation. Starting my career in customer service, I clearly remember the emotional calls I had with upset borrowers; in fact, I can still hear them today.
While I miss attending conferences and having the kind of interactions with my peers that can only be best conducted in-person, I have been impressed and amazed with how we have quickly adapted to having these interactions in a digital setting.
Sat, 25 jul
While many people are going back to work, others have no jobs from which to return. In fact, at no time in American history have so many people been laid off from work in such a short period of time. There have also been countless improvements in mortgage servicing operations, including the widespread adoption of technologies such as automation and process improvement, which have made it possible for servicers to scale quickly and more efficiently to reduce costs.
We have seen many articles come out since the pandemic began that talk about how difficult times lead to opportunities. Servicing organizations that have adopted and implemented these technologies have been able to increase their decision-making speed by more than 50 percent, and sometimes as high as 60 percent.
In the weeks and months to follow, servicers that are leveraging these tools to help borrowers as they come off forbearance plans and begin considering loss mitigation options will undoubtedly find themselves ahead of the curve. It also applies to people, and I would argue, women in particular, especially those of us who have had to pull double duty by working from home and raising families.
That applies to every company in our industry.
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I especially enjoy how, during a crisis, more people are willing to together, step up, and try to do the right thing for every borrower. It has only been four months since our last issue was published we missed you all! But during recent wildfires and floods, mobile apps have proven to be extraordinarily effective at opening up communication between servicers and borrowers. I also think this particular crisis is showcasing how powerful women professionals really are. For instance, mobile technologies were not really prevalent during the housing crisis.
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Before that, nobody could have imagined where we would be today. All I. Servicing professionals who experienced the past crisis are now finding themselves once again in the difficult position of being both the person who can help borrowers and the target of their ire.
She can be reached at csilva bsifinancial. We will get through this, as long as we remain a unified front and stay positive. You post something on social media and you get a comment from a past client. It gives you that extra motivation because we realize we can do more than we thought.
If you have comments, questions, criticisms, praise, or information to share with us and our readers, please write us at info Twelve11Media.