Toby Wells, President of Cornerstone Servicing, was featured in an article by The Mortgage Note that explores ways servicers can help the growing number of homeowners impacted by continued inflation and other economic stressors as a potential recession looms.
Wells shared that as a servicer, our first step is to establish positive relationships with homeowners as soon as we begin servicing their loan.
“The total cost of homeownership is rising, largely due to ever-growing tax and insurance costs,” Wells told The Mortgage Note. “Timely and proactive engagement is key. For starters, when a homeowner’s expenses go up, we tell them quickly instead of waiting for the next scheduled escrow analysis.”
Cornerstone Servicing offers a variety tools and resources geared to help homeowners achieve their short- and long-term financial goals. The article notes that we educate homeowners on strategies to manage their expenses, for example, shopping for insurance annually to get the best coverage at the best price and taking advantage of property tax appeal and exemption filing services to minimize their annual tax liability with little time and effort.
“We raise awareness of ways to lower their monthly mortgage payment, such as a recast or terminating private mortgage insurance ahead of schedule, when eligible,” Wells said. “We also offer home equity products to qualified homeowners, which could provide emergency financial relief if they have unexpected expenses or help them pay down high-interest debt at a much lower, fixed rate.”
In addition, the article touches on ways Cornerstone Servicing is leveraging technology to keep its portfolio-wide delinquency rate well below industry averages. Combining data-driven insights with timely, personalized communication helps our team proactively provide tailored solutions and resources to homeowners at risk of default, Wells said.
He also told The Mortgage Note that when a homeowner falls behind on payments, Cornerstone Servicing’s integrated loss mitigation technologies can help get them into the best mortgage assistance program for their circumstances quickly.
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