Servicing transfers are essential to a healthy mortgage market, but the process is complex. Just as mortgage loans are bundled and sold to investors in the secondary market, lenders often contract with third parties to manage the day-to-day details of “servicing” the borrower relationship, including payment processing, customer communications, loss mitigation, and escrow disbursements. This transfer of servicing rights is a common but complex practice with lots of room for improvement.
George FitzGerald, EVP and Chief Operating Officer, Black Knight Servicing Technologies offers insights into how to navigate around potential pitfalls. Read more on LinkedIn.