Insights Report

Welcome to the April 2021 Insights Report


Lisa Springer
Sr. Partner, CEO

The events of the last year have given more than a few of us some sleepless nights. According to the 2021 CEO Benchmarking Report conducted by The Predictive Index of 160 CEOs, the top issues include team cohesion and managing people problems. In fact, according to Gino Wickman, author of the best-selling book Traction, 82 percent of all company issues can be traced back to people as the root cause.

“What’s Keeping Mortgage Servicers Awake at Night?” is our InFocus article this month, written by STRATMOR’s resident servicing guru Principal Seth Sprague, CMB. If you started to retain servicing or increased how many loans you retained in 2020, or if you are wondering if retaining servicing makes good financial sense, for your company, you’ll want to read Seth’s article. He asks the practical questions and then digs in for the answers, providing insight on the key issues that servicers should consider in executing a servicing strategy this year and beyond. It’s a don’t-miss article to help allay those late night “what should we do?” fears.

Also in this issue, MortgageSAT Director Mike Seminari focuses on servicing retention rates, noting that across the industry rates were just 18 percent last year. There is an opportunity in those portfolios, and it won’t be a surprise that communication is key to connecting and converting current borrowers to new ones when they enter the market again. Check out his Borrower Experience article, “Connecting with Servicing Borrowers is Key to Increased Retention.”

Thank you for connecting with us this month. Don’t hesitate to contact STRATMOR if you need to create or revise your servicing strategy. We’re here to help you make sense of the data so that you can make better decisions for a more successful, integrated approach.

 


In-Focus
What’s Keeping Mortgage Servicers Awake at Night?

By Seth Sprague, CMB April 2021

2020 was a very busy year for those of us tasked with advising mortgage lenders and loan servicers on their servicing retention strategy. By the looks of things, 2021 will be even more busy, but with new and different challenges. If you started to retain servicing last year or increased the percentage retained because it seemed like the right financial decision, today you’re surely looking at retaining servicing and asking yourself, “Does it still make sense to do this?” In this article I’ll ask the questions and offer insight into the issues that servicers should consider in setting a servicing strategy for 2021 and beyond.

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More Insights

Connecting with Servicing Borrowers Key to Increased Retention

Retention rates drop significantly after the first three of the loan’s life. MortgageSAT Director Mike Seminari suggests three ways lenders can connect with their servicing borrowers and increase retention.

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STRATMOR Studies

STRATMOR Group offers a suite of data products and mortgage advisory services to power your performance–including industry-specific studies. Get the data driven advantage!

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Bottle the Magic: Three Lessons for Mortgage Lenders to Help Soften the Landing

In this article, retiring Senior Partner Jeff Babcock offers some candid and straightforward advice to help lenders prepare for the inevitable downturn bound to follow 2020’s record-breaking origination volumes.

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The Seven Commandments for Optimizing the Customer Experience

Using MortgageSAT Borrower Satisfaction Program data, we’ve pinpointed some relatively easy tactics that provide substantial improvements in overall borrower satisfaction.

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