2021 Servicing Report

THE STATE OF SERVICING

This annual Altisource® Default Servicing Report analyzes the results of an in-depth survey conducted by independent firm Echo Research. It was conducted online between August 17 and 29, 2020 among 200 professionals with three or more years of experience in the U.S. mortgage default servicing industry. The purpose of this report is to help servicers optimize operational and marketing strategies by giving them a look at the elements shaping the industry today, including core services and features critical to servicers of default assets. It also reveals how these professionals plan to increase growth and efficiency.

As expected, the pandemic, which greatly impacted the world this year, influenced some of the responses to the survey. The current biggest challenge facing default servicers is mortgage forbearances and they expect loan modification to be the greatest post forbearance plan to leverage. The greatest concerns for default servicers when moratoriums are lifted are market instability and technology challenges.  

Based on the data, now is the time for companies to work with vendors offering solutions to help mitigate losses and streamline processes during the default lifecycle. Many are already doing it by seeking a single vendor with tech-enabled tools and complete asset management capabilities to provide more, if not all, of the essential services. Some are also reevaluating their current vendors as often as once a month to determine if they need to look elsewhere for what they need.

We hope this valuable information helps you determine your key default strategies and goals  for the year ahead. Even in these challenging and unpredictable times, there are plenty of  opportunities available, and this report highlights some of them.

Regards,
Travis Britsch 
Vice President, Auction