Representation from the nation’s leading mortgage servicers and default servicing law firms came together from across the country at the Ritz-Carlton in Dallas, Texas, on April 21 to openly discuss the most current issues affecting their business at the 2015 Legal League 100 Servicer Summit.
Now in its seventh year, the Servicer Summit is a biannual gathering of leaders from both the mortgage servicing and legal communities focused on spurring shared educational opportunities and honest conversation. The novel format encourages all attendees to contribute. Leaders of roundtables serve merely as conversation starters and travel the room with a microphone so that any attendee may respond to a prompt or ask a question.
The Legal League 100 is a consortium of default servicing law firms and select service providers that was created in collaboration with the Five Star Institute in April 2007 to provide the mortgage banking and default servicing industries with a reliable, results-driven resource that helps them easily locate law firms specializing in servicing and default-related matters, while providing its members with endless avenues to achieve growth and success.
“We are proud to be able to facilitate this important dialogue between the mortgage industry and legal community,” said Five Star Institute President & CEO Ed Delgado. “Even as the housing market continues to heal, embedded risks and uncertainties remain. Now more than ever, it is vital that mortgage servicers and the law firms that serve them have an open line of communication to address the issues they jointly face.”
As is true in several other sections of the industry, regulatory compliance was a hot button issue. Several discussions at the Servicer Summit were centered on the question of how to adapt to constant regulatory changes and avoid the adverse effects of non-compliance.
The evolving business landscape was another major theme of discussion at the Servicer Summit. With foreclosures on the decline in the last two to three years, many default servicing firms have struggled to maintain their position in the industry.
Additional roundtable discussions covered a multitude of topics including borrower liability avoidance, combating cram-downs in bankruptcy proceedings, lien-strips, avoiding snags that prevent or delay an REO sale to a third party, how to survive in an environment where business is dwindling, and foreclosure defenses.
The event crescendoed with a keynote luncheon address from Sherri Evans Harris, VP and Deputy General Counsel over Single-Family Default Management and Litigation at Freddie Mac. In her presentation, she advised attendees on Freddie Mac’s priorities for the year and steps that they can take to work more seamlessly with the organization.
The next Servicer Summit will be held September 18 at the 2015 Five Star Conference and Expo at the Hilton Anatole hotel in Dallas, Texas.
Editor's note: The Five Star Institute is the parent company of MReport and TheMReport.com.