When Cenlar signs a subservicing contract with a bank, credit union or mortgage company, our mutual contractual obligations are clearly understood.
If all home mortgages were of the 30-year fixed-rate that carried through to full term amid a continuously stable economic environment, we would be in a business that, well, almost anyone could do. But that’s not the case.
Our clients partner with us for our reliability and expertise but also for our organizational agility, which allows us to adapt, to shift resources, and to scale up to meet challenges that can be unpredictable. That couldn’t be more true than over the last few years.
If you are in the mortgage servicing business, you have learned much from the pandemic. It created one of the most disruptive environments in home mortgage history. Every facet of the mortgage business was magnified with an avalanche of homeowners unable to meet monthly obligations. And so, myriad programs were implemented to assist homeowners. At the same time, historically low interest rates drove a wave of refinances.
In many ways there had never been anything like it but in others it simply amplified the business challenges we’ve always managed. Take regulatory change, for example.
During the pandemic, the volume of new local, state and regulations was astounding. Still, in typical times, regulations also evolve in response to the world around us. Challenges arise that are episodic, related to geography or industry-related job losses. Add to that complexity, hundreds of thousands of homeowners, each and every one with a different set of ever-changing circumstances, and it is easy to see the breadth of challenge.
Cenlar, though, is exceptionally nimble in terms of both people and processes necessary to meet our regulatory obligations and protect our clients and their homeowners. In addition to adeptly interpreting, then operationalizing regulations, we must continually establish and reinforce messaging so that client and homeowner communications are thoughtfully coordinated and presented.
Cenlar’s management of its diverse client base also illustrates our agility. So too is our commitment to transforming the company – and the industry – with ongoing automation and digital strategies that reduce risk and free our service experts from mundane tasks that allow them to focus on challenges that are commensurate with their expertise. This year we have numerous automation projects in the works.
These are just a few examples of our agility at work – none of which would mean much if we did not hire, train and reward many of our industry’s best people. We’re aware every day of the challenges where reputations are made. We wouldn’t have it any other way.