The Vital Role of Mortgage Servicer
Join BearingPoint senior manager Marianne Lamkin as she explores the role of a mortgage servicer and why the role is so important. Typically, a mortgage servicer collects payments from the borrowers, and above all, manages the day-to-day relationship. When a borrower cannot commit to a payment schedule or has come into an unfortunate time, the mortgage servicer is the one who will work out a plan and determine the best course of action for all parties.
With a large number of borrowers being threatened with the recent credit crisis, there is a lot at stake. Many individuals are at risk of losing their home and/or business and the servicer is stepping in to help remedy the situation. With assistance comes some monitoring on the borrowers end. Anyone who has contact with a servicer needs to be concerned with how they are managing the relationship. Luckily, there are resources such as data reports that the servicer is required to supply. It’s essential that the stakeholders talk to the servicers, those that are managing the operations and the default managers. The most important thing is that a stakeholder needs to be truly sure that they understand the risks and how they can manage those risks and take proper precautions. If they don’t have the expertise, they need to find someone who does.
That’s where BearingPoint comes in. We can assist the client with outlining the risks and determining how well their servicer is managing their assets. Our new thinking in this space can help ensure our clients are meeting their legal and market obligations, as well as profiting financially in this ever changing world.