HousingWire magazine published an article discussing the servicing issue in the mortgage industry. The article starts by explaining the role of servicers in the industry. Servicers are the ones who collect mortgage payments from borrowers and remit them to investors. They also handle customer service for borrowers, as well as delinquencies and foreclosures.
The article goes on to discuss the servicing transfer process, which happens when the loan is sold from one servicer to another. This can happen multiple times over the life of the loan, and each time, there is a risk of things going wrong. The article gives the example of a borrower who tried to refinance their loan and was told by the new servicer that their payments had never been received, even though they had been paying the old servicer on time.
The article discusses the difficulties that servicers face, such as having to deal with borrowers who are struggling to make their payments and the increasing regulations they have to comply with. It also contains advice from servicing experts on how to improve the process.
You can read this full article at: https://www.housingwire.com/articles/housingwire-magazine-the-servicing-issue/(subscription required)
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