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DS5: Challenges Ahead for Mortgage Servicers

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:

About Author: David Wharton

David Wharton, Editor-in-Chief at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has nearly 20 years' experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. He can be reached at [email protected].

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