September 18, Work Stream 5 Meeting
On September 18, fifteen members to the Mortgage Servicing Collaborative convened to discuss the research focus for work stream 5. This work stream is focused on structural reforms to mortgage servicing. In the meeting, we discussed two issues identified early by MSC members related to FHA reforms which include burdensome documentation and face-to-face interview requirements. We will be looking at these issues deeper through this work stream. In addition to the FHA issues, HFPC staff proposed three additional areas of research that include:
- Changes that are needed to better service non-performing loans
- A new or reformed servicing compensation system
- Identifying where technology can be better applied to optimize mortgage servicing
Members agreed that the proposed focus is the right area to start and that these issues are broad and strategic industry-wide questions that the MSC should address. HFPC proposed to create subcommittees around each of the topics and solicit members who wish to participate in each of the proposed subcommittees. Next steps include forming the subcommittees and scheduling time for intake from MSC members on these topics.