Servicing

While mortgage servicing has taken on a much more important consumer-facing perspective since the pandemic, it had previously served as more of a talking point and rally cry within the industry – especially among mortgage brokers. Several years of debate and argument have taken place, especially since the 2017 BRAWL (Brokers Rallying Against Wholetail Lending) movement, in terms of who a customer “belongs to” – whether it’s the mortgage broker or the lender servicing the loan. Brokers garnered a sense of resentment towards lenders that would fund their customers’ loans via their wholesale division, only to later “flip” the customer into their own retail portfolio, essentially eliminating the broker from the equation.

Since then, a greater focus has been placed on lenders and servicers that retain servicing and keep their brokers connected to the end customer. A noteworthy first-mover in the push to support brokers in their long-term customer retention efforts was Homepoint’s Customer For Life program.

Subscribe to read the latest from this category

Never miss the latest content!

Latest Posts

Bank of America claims Ditech’s sale of RMS “threatens to abandon” elderly reverse mortgage borrowers 

Jul 19, 2019By

Ditech Holdings announced last month that it had entered into an agreement to sell its reverse mortgage business, but now one of its big-named clients is formally objecting to the sale. Bank of America, which has a reverse mortgage servicing agreement with Ditech subsidiary Reverse Mortgage Solutions, filed a motion in court Thursday objecting to the deal as it currently stands, claiming that it “threatens to abandon the thousands of elderly borrowers” whose reverse mortgages are being serviced by RMS.

What's New?
Updated 10 months ago