Since the Great Recession in 2008, it hasn’t been easy for mortgage servicers to navigate the complex regulatory and economic climate that emerged in the aftermath. A decade later, overall recovery is still uneven, and some experts see trouble brewing again.
But there is good news. Sweeping changes left the door wide open for new (and more effective) business processes, and mortgage servicers who are adopting digital tools and innovations are seeing more growth opportunities than ever before. According to Ellie Mae executive vice president Joe Tyrell, “This new generation of homebuyers is more diverse and better educated than ever before, so they expect both high-performance technology and automation, along with increased personalized contact with their lenders.”
Driven by a younger generation of homebuyers who demand better performance from all their service providers, traditional lending is seen as a commodity. Instead, mortgage servicing is evolving from a process-centric and legalistic experience to a more human-oriented and personalized experience.
To stay competitive, mortgage servicers need to understand how the marketplace has shifted, as well as the business imperative to improve customer relationships.
How can you make that evolution? Download “The tech revolution in mortgage servicing” to find out.