What If Borrowers Were Able To Choose Their Servicers?


What If Borrowers Were Able To Choose Their Servicers?

What If Borrowers Were Able To Choose Their Servicers?

Mortgage Orb-

It is no secret that the mortgage servicing industry suffers from an unpopular reputation. In too many cases, consumers are fed up with their mortgage servicers, and they are not being quiet about their displeasure: Complaints and bad press abound regarding dismal customer service, modifications that stalled for months and ended in denials, credit scores that plummeted even when payments were made through approved modification plans, and wrongful foreclosures.

What may be new, however, is the way the industry responds to these complaints. A radical change is coming, and it will be driven by borrowers.

The current response to borrower complaints has been a slew of laws and regulations designed to protect consumers, including the Dodd-Frank Act. Are consumers willing to accept these changes as a solution to the problem, or do they want more?  

Upcoming generations of borrowers will want much more from the industry, including the right to select which company ultimately services their mortgage. If you think that’s not possible, consider this: In the early 1970s, lenders and title companies, along with the Realtor community, worked together to control which companies would handle the title and closing on loans. Many developed relationships that created a stranglehold on the title and closing business, with many lenders and Realtors getting a kickback from these referrals. To address that situation, the Real Estate Settlement Procedures Act (RESPA) was created.


image: findfinancialadvisors.co.uk

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