It’s that time of the year again to start thinking of new ways to grow and manage your business and connect to the latest trending industry topics.

Navigating business challenges during this pandemic has been a common theme for Sellers and Servicers as they face unique circumstances that have tested their business models and forced them to make quick adjustments. Servicers are front and center as they’ve experienced an influx of clients who need a forbearance plan or other solution to help them avoid foreclosure.

 

A Main Event

There’s no question that servicing is going to be a hot topic this year at FreddieMacCONNECT, our annual client conference – which is all virtual and complimentary. We’ll focus on innovation and how the industry is continuing to reprioritize and accelerate solutions to meet market demands. These are key themes for our general servicing session, Elevating the Servicing Ecosystem. Guest speakers Pat Kopins, Chief Operating Officer at BackInTheBlack, and Ken Tierney, vice president of loan services at Computershare, will join our panel discussion on how they’re continuing to innovate during this critical time, and the role they play in the development of our forefront Reimaging Servicing® initiatives like loss mitigation and expense reimbursement.  

Look Who’s Talking

During a recent interview with Freddie Mac, Mr. Cooper revealed how they fast-tracked certain solutions to respond to the current market. Although they already had robust digital capabilities in place, they soon realized a digital offering was needed to support forbearance requests, registrations and extensions.

"Within 48 hours we were able to provide a digital offering to our customers, a remarkable undertaking by our team that has helped offer instant relief for thousands of homeowners,” said the chief digital officer at Mr. Cooper.

Within 90 days of the forbearance digital offering, Mr. Cooper continued to make improvements to the platform and have since released 10 new solutions and more.

BackInTheBlack is also going to great lengths to respond to COVID-19 with innovation solutions to serve their clients. They leveraged their loss mitigation platform, Loan Solution CenterSM (LSC) to provide borrowers the ability to initiate a forbearance plan on their own, as well as manage active forbearance plans.

“Our clients recognize the importance and value of equipping borrowers with self-service options. The pandemic has been a catalyst for those Servicers who were measured in their approach to further automate their self-service capabilities,” said Kopins from BackInTheBlack.