What Mortgage Companies Need to do to Translate Trends into Opportunities in 2022
In a post-pandemic new year, the mortgage market is expected to witness gradual growth in the number of homebuyers, listing prices, rents, and lending rates. It would be a busy year ahead for lenders as more sellers would enter the market to meet growing buyer needs. But the opportunities will also set a new bar for operational resilience, forcing lenders to step up, evaluate, and fine-tune their workflows to meet market demands.
A Rapid Surge in Foreclosures
As most pandemic-related mortgage bailouts are ending soon, foreclosures are picking up pace. With the eventual end of the forbearance protection earlier set by the CARES Act, lenders are expected to save borrowers from qualifying as loan defaulters. They need a detailed working structure and resources to help homeowners nearing the end of their loan payment moratorium. For foreclosures, they must conduct foreclosure auctions on abandoned properties and work with borrowers to carve a payment plan with adjusted loan terms. For efficient foreclosures, lenders must discard their archaic workflow setup and pursue a digitized ecosystem to handle foreclosure documents, identify and rectify the errors, and prepare the end result in a client-specified format. For lenders with resource shortages, it’s high time they delegated all foreclosure back-end jobs to trustworthy mortgage BPOs whose committed foreclosure experts would manage the entire process and ensure optimum outcomes for their clients.
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