As we get into April 2023, a lot of things have already changed. The era of super-affordable mortgages is over, and new strategies are required to stand out in a competitive market. Margins are tight (or negative), and mortgage demand has cratered for many lenders. At the same time, consumers expect a high tech – high touch experience which has the potential of driving up costs even more. Technology seems to be the answer everyone offers but despite the push for automation, the importance of interpersonal relationships and soft skills remains high.
MSR purchases will continue to be widespread so servicers must work harder to control costs and to communicate and serve their customers. Combine this with increased regulatory oversight and it is easy to see why so many lenders are struggling to be profitable.
This article is originally published by – MortgageOrb