Panelists at the MBA’s Mortgage Servicing Solutions Conference & Expo credited agility in adopting digital solutions as a major factor in how servicers were able to minimize the impacts of the pandemic. The ability to keep teams in communication with each other and servicers in contact with homeowners even while working from home is what allowed the industry to remain functioning. Homeowners could keep up to date on what programs were being created to help them avoid forbearance, and servicers could reach out to their customers to explain the impacts of new programs and incentives to accepting the assistance available to them.
These advances in digital alternatives need to be pushed even further, though. When imagining future crises, it is necessary to remain prepared and adaptable, not be complacent that the current solutions will still be sufficient for the next crisis. Building out new solutions now and embracing underutilized options that servicers can trust will keep them in contact with borrowers should be a priority. Servicers should be implementing omni-channel delivery strategies as a course of everyday business so that they are not scrambling to switch to new digital delivery methods if a crisis causes one channel to fail. They should also be evaluating their processes from top to bottom for areas that need improvement, from how customer and employee interactions may affect business to how well your current third-party partners adapted and helped minimize interruptions to your business operations.
Venture Solutions offers the tools servicers need to tackle developing an omni-channel delivery strategy and ensure they are reaching their customers how they want to be reached with backup methods in place as part of a regular workflow of communication. Not only that, but Venture Solutions has built-in resiliency and agility due to our business continuity and disaster recovery plan which is a part of our regular production operations. Even in the case of a natural disaster or another pandemic, we have the tested and proven procedures in place to keep even print communications delivered on time and with the same level of quality our clients normally expect.