Legacy document systems and processes can no longer support the numerous application and underwriting workflows that come with mortgage loan modifications. Further, the industry is struggling with increasing compliance demands, high loan delinquency rates and shrinking loan profitability.
Today’s mortgage stakeholder is busy. Not just busy, but “crazy busy”. This leads mortgage decision makers to prioritize projects based upon perceived complexity. Priority is given to those issues that - on the surface - seem easiest to fix. This is a completely understandable position, to be sure, but one that tends to make the status quo more intractable every day. Moving forward in the “new normal” of the current mortgage servicing market requires a willingness to be proactive rather than maintain the status quo and hope for overall economic conditions to improve.