Mortgage servicing will never be the same again. The unprecedented volume of delinquent loans over the past three years has triggered within the industry a sweeping re-examination and re-engineering of its delinquency and loss mitigation management practices. While the ultimate impact of this incredible period of financial stress, distended unemployment and evaporating equity has yet to be fully revealed, I believe the way the servicing industry has responded will significantly enhance its ability to react expediently and comprehensively to future downturns. Here’s why I say that.
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With home prices reaching unprecedented heights and interest rates soaring, the discerning nature of today’s buyers requires all agents to employ every possible advantage. Simply put, cutting corners on staging is a risky move that risks prolonged market presence.