Residential mortgage servicing has changed dramatically in the past few years. This sector has seen major settlements with large servicers, increased oversight, the imposition of Basel III capital standards, and the rapid growth of non-bank servicers. The result is higher operating costs, greater regulatory scrutiny, and heightened legal and reputational risks. Meanwhile, secondary mortgage market reform could bring further change. Yet, servicing remains a core business function with strong economic incentives. This panel will discuss this evolution, including the challenges and opportunities in the years ahead.
Amy Brandt-Schumacher, Chief Operations Officer, Prospect Mortgage, LLC
Michael P. Lau, CMB, Chief Executive Officer, Pingora Asset Management
J. David Motley, CMB, President, Colonial National Mortgage, a Division of Colonial Saving, F.A.
Pete Mills, Senior Vice President, Residential Policy and Member Services, Mortgage Bankers Association (Moderator)