DS News recently held the webinar, “Servicing in a Post-Pandemic Era: Ensure You’re Prepared to Help Customers,” powered by Xome, discussing servicer preparedness and how the industry is readying itself for the upcoming wave of homeowners coming out of forbearance plans.
Moderated by David Wharton, Interim Editor-in-Chief for The Five Star Institute, panelists Shawn Miller, VP, Head of Business Development for Xome and Ramie Word, SVP of Default Servicing for Mr. Cooper covered education, assistance, and expedited options for the disposition or sale of properties prior to foreclosure, and covered programs and processes to assist homeowners through the process ending in a dignified exit.
As recently reported by the Mortgage Bankers Association (MBA), there are approximately two million U.S. homeowners currently in forbearance plans. This week, the number of homes in foreclosure declined for the 15th consecutive week, now comprising just 4.16% of all mortgage volume.
“This current housing market is much different than the great financial crisis,” said Miller. “Homeowners have more resources, support, and options—including historically low interest rates—providing the opportunity to reduce your loan and mortgage payments through a refinance.”
Servicers have been working hand-in-hand with the government and regulators to guide homeowners through these new unchartered waters. Just as the pandemic hit the nation with unprecedented situations never before faced, homeowners who were impacted financially through unexpected pandemic-related job loss were able to take solace in the fact that mortgage servicers were there for them to provide options.
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Click here to view a recording of the webinar, “Servicing in a Post-Pandemic Era: Ensure You’re Prepared to Help Customers.”