The Mortgage Note Features Cornerstone Servicing’s Toby Wells on Retention

March 13, 2024 | The Mortgage Note recently talked to Cornerstone Servicing President Toby Wells about challenges consumers face in today’s economic environment and how a third party subservicer can help lenders best support and retain their home lending customers.

While mortgage industry leaders hope for improvements after a tough year in 2023, Toby noted, there are also concerns about growing financial pressures homeowners face today due to factors like inflation, rising property taxes, and insurance expenses that can increase dramatically each year.

Cornerstone Servicing is going the extra mile to help its home lending customers navigate this difficult environment with support from team members who have a genuine desire to help others and industry-leading technologies.

“Typically, servicers attack processes from compliance and then efficiency, and then hope that has a great customer experience,” Toby told The Mortgage Note. “We’re absolutely fanatical about, ‘How do we create a better experience?’”

Delivering the experience modern customers are looking for helps to minimize delinquency, while also helping lenders cultivate customers for life, he added.

“You can teach somebody the technology and teach them the mortgage business, but you can’t teach them to care. And ultimately that’s essential if you’re going to deliver the experience needed to retain customers.”

In addition, Toby shared some of the ways Cornerstone Servicing is leveraging new technologies like artificial intelligence (AI) to deliver 24/7 support to customers, minimize risk across clients’ servicing portfolios, and reduce per-loan servicing costs.

Read the full article in The Mortgage Note.

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