July 17, 2023 | In a dynamic MSR market, seamless transfers are crucial for maintaining borrower satisfaction and operational excellence.
In a recent Q&A with MortgageOrb, Cornerstone Servicing President Toby Wells shared insight into the critical roles emerging technologies, effective communication, and regulatory compliance play in transfer operations.
“Servicing transfers are one of the sharpest pain points for borrowers—and it can be really difficult for servicers to overcome a lousy first impression,” Toby said. “For this reason, we invest a lot of time & thought into our transfer experience to make it as smooth as possible.”
He noted the importance of AI and data analytics in creating a seamless experience for homeowners and streamlining transfer processes.
“Applying technology broadly to the communication process is helping us cast a wider net, engage more borrowers, and increase our chances of creating a positive first impression,” Toby added.
Wells emphasized the need for servicers to have the right subservicing partners, thorough planning, and backup plans to address potential pain points and minimize risks.
“Keeping up with regulatory changes takes a lot of time and resources. Coordination between a prior servicer, new servicer, and the MSR buyer in the middle is critical,” Wells said. “It’s important to plan each step, how things will be done, and when.”
By prioritizing customer experience and leveraging innovative tools, servicers can navigate MSR transfers with confidence and achieve positive outcomes for borrowers and stakeholders alike.
To read the entire interview, click here.