The CFPB has emphasized that servicers must pay close attention to consumer complaints. The adoption of technological solutions, though slow in this area, can help.
Remote ink notarizations made mortgage closings exceptionally convenient amid the coronavirus, though the MBA suggests that state policymakers should focus on remote online notarization, which is more secure.
Subservicing has been a growth business the past several years but now some mortgage bankers, flush with cash from the refi boom, are bringing the task inhouse.
Nonbanks’ performance amid disruptions caused by the pandemic supports growth. Moody’s increased its operating environment score for nonbank mortgage companies.
For the first time, MISMO is charging a 75-cent-per-loan fee for mortgages registered electronically. The fee will help fund MISMO’s activities, with an emphasis on digital mortgages.
A survey of servicing executives by Fannie Mae found that the companies are having difficulties keeping up with forbearance requirements. Staffing capacity is also an issue.
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