The subtitle for this podcast should be All You Wanted to Know About Mortgage Servicing But Were Afraid to Ask.
Our guest is Andrew Wang, CEO of Peach Street, a new approach to mortgage servicing that just may be exactly what many credit unions want.
Most mortgages are passed off to third party servicers for two reasons. The servicers know the government regs and how to comply and they also are skilled at cutting costs.
Most see mortgage servicing as commoditized and the only difference between companies is price.
Enter Peach Street which puts a focus on consumer experience, customer experience, and technology.
Lost at many mortgage servicers is interest in the consumer experience, if only because the servicer's customer is the financial institution that owns the paper.
Peach Street wants to win by offering a new model where experiences matter.
A lot of what the consumer needs will be delivered via self service online - but in most surveys that approach lowers consumer friction.
"This is about a 30 year relationship," said Wang, who adds that, done right, mortgage servicing can become a vehicle where the financial institution cross sells products to a happy consumer.
"Mortgage servicers should think of themselves less as a collection agency and more as a financial adviser," said Wang.
Along the way, Wang tells how Peach Tree has ended NSF fees for its consumers and also its innovative thinking about how to handle foreclosure in a way that benefits the homeowner, the lender and the community.
See what we meant: this is all you waned to know about mortgage servicers and didn't know to ask.
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