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Assisting Mortgage Borrowers in a Crisis

Industry leaders converged digitally to unpack the latest critical regulatory changes, COVID-19 updates, and proactive strategies at the Legal League 100’s Virtual Servicer Summit. 

“The Legal League team has done a tremendous job putting this Summit together,” said Roy Diaz, Managing Shareholder, Diaz Anselmo Lindberg, P.A. in his opening remarks. “This has been a tremendous challenge, as you can imagine, and they’ve done a great job bringing everybody together and I’m really excited about the prospect of doing our summit on time and virtually.”

Participating panelists included Christopher L. Carman, Litigation and Compliance Counsel, BSI Financial Services; Candace Russell, VP Post-Sale, Carrington Mortgage; Ryan Bourgeois, General Counsel—Partner, BDF Law Group; and John A. Dunnery, VP, Government Loan Servicing, Bayview Loan Servicing, LLC.

In a Q&A with Stephen Hladik, Partner, Hladik, Onorato & Federman, LLP; and Gagan Sharma, President and CEO, BSI Financial Services, Inc discussed forbearance issues and how servicers can prepare.

“As we think about what the post-forbearance scenario looks like, ramping up and preparing for that becomes important,” said Sharma. “We know that there are going to be a significant number of borrowers who are going to need that help and assistance. Trying to do as much as we can ahead of time is going to be important”

Also, William R. Emmons, Lead Economist, Federal Reserve Bank of St. Louis, provided the afternoon keynote, discussing the state of the economy and what it will take to end the COVID-19 crisis.

“Very few of the economic sectors will be spared in this recession,” Emmons notes. “In fact, some, I think, will be devastated.”

Emmons notes that the U.S. is still “miles away” from herd immunity, meaning the economy may be closed again. Despite the Fed’s best efforts, he notes, real estate markets are still being hit.

“I expect real estate values to decline,” he states, adding that large scale mortgage forbearance delays the inevitable.

“Now more than ever it is vital that leaders within the mortgage servicing industry come together to not only discuss the challenges but more importantly, solutions during these trying times,” said Lindsay Wolf, Director of Membership Operations for Five Star Global.

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.

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