This week’s DS5 installment features Steve Bailey, Senior Managing Director and Chief Mortgage Operations Officer for PennyMac Financial Services. He discusses how the industry is preparing for homeowners to begin coming out of forbearance, as well as what other top challenges he anticipates for next year.
Baily says that communication and attention to nuance are going to be key components of successfully shepherding borrowers out of forbearance.
"In order to have the right answers for your homeowners, you have to be connected," he said. "You do everything you can do—email, text, messages on your website, standard letter—making sure people understand to deliberately ask for more time if they need it."
Hear Bailey's suggestions in full, plus a summary of last week's news, here: