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In an era of specialization, it’s not surprising that subservicers are flourishing, and more and more companies are choosing to outsource the nuts and bolts of servicing home loans.
Using a subservicer allows owners of mortgage servicing rights to retain cash flow while avoiding the headaches associated with building and/or maintaining a servicing platform that stays within regulatory boundaries. In many cases, MSR owners also rely on specialty subservicers to handle especially expertise-intensive loans, such as delinquent and nonperforming mortgages.
But outsourcing the day-to-day handling to a subservicer does not mean an MSR owner is without responsibility. In the Guide to Mortgage Subservicing, Inside Mortgage Finance examines what types of companies would benefit from using a subservicer, how to select one and set up the relationship, and steps an MSR owner must take to maintain a successful and compliant subservicing situation.
The guide covers:
- Who should hire a subservicer,
- Finding a new subservicer,
- Negotiating a new subservicer agreement,
- Reporting and oversight,
- A tapestry of regulations,
- Relationship management,
- Benchmarking success,
- Technological advancements and retreats, and
- The future of subservicing.