Servicers Open the Lines of Communication
- Source: dsnews.com
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Eric C. Peck of DS News recently sat down with Michael Merritt, Senior Vice President of Default Mortgage Servicing with BOK Financial to discuss how customers were kept informed of their options during the COVID crisis. Merritt highlight the following in the article:
- Servicers rose to the occasion being flexible and meeting every challenge
- Servicers could have embraced the remote environment a bit more at first
- Employees are critical to operations
- Success at the end of 2022 means finding permanent solutions for borrowers
- Services need to be more consultative
- Improving and perfecting processes will put servicers in a good place
- Servicers were “a lot better communicating with customers” during the pandemic
- Customers were better educated due to internet messaging
While servicers faced many challenges during the pandemic, their ability to pivot quickly as the government, regulators, and the GSEs quickly implemented products and requirements was good to see.