Aligning and Balancing Interests in the Asset Management World
May 30, 2014
We just came off another successful Mortgage Bankers Association Commercial/Multifamily Servicing and Technology Conference. It was great seeing so many of our customers and colleagues, participating on several panels, and discussing feedback from our customer survey with many of you.
We’re particularly proud to have hosted a first-of-its-kind Legal Forum that gathered counsel for all post-securitization parties from Primary Servicers, to Master Servicers to B piece buyers for a discussion. This is just one of the ways we’re building on our accomplishments from last year and driving towards industry leadership in 2014.
By now you’ve noticed the many changes we’ve already made this year on our path to align the interests of Servicers and investors with the needs of borrowers. We’ve already started achieving this alignment with some process improvements.
We’ve simplified the final delivery process with a single delivery path that provides Seller/Servicers with more flexibility in setting a funding date. We have also introduced a new extended payoff quote option, along with a standardized yield maintenance calculation method for cash mortgages.
You can also expect the following during the remainder of 2014:
- Updating and clarifying the Freddie Mac Multifamily Seller/Servicer Guide
- Improving and standardizing submission forms
- Enhancing the Consent Request Tracker (CRT) tool
- Creating a better feedback loop between Master and Primary Servicers
Evolving the Servicing Standard
Although we’re ahead of the industry with our Servicing Standard focus on the borrower experience, there’s more work to do. So what’s next?
We'll continue to work on process improvements that create a better borrower experience. These improvements will provide better servicing consistency and quality and streamline the borrower consent approval process. You’ll hear more about this change during the summer.
Communicating with You
I noted a few quizzical stares from some participants during our Asset Management Advisory Committee meeting and our Correspondent meeting. It’s obvious that some of you are not receiving communications from me and my team, like this one. We can only communicate with you if you have opted in on our Subscription Center.
I encourage you to choose the news you want to receive by registering for as many alerts and categories as interest you. Definitely, don’t skip the Asset Management email list.