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Industry Insight: Adapting to the Changes in Servicing

DS News sat down with Peter Muriungi to discuss his main focus as Head of Mortgage Servicing at JPMorgan Chase, diversity and inclusion in the industry, the changing marketplace, and more.

Muriungi and his team manage a portfolio of 5.8 million mortgages representing a combined balance of more than $900 billion. Muriungi has held various leadership roles at Chase since 2013. As the Head of Shared Services, he led the Mortgage Banking business in significant improvements in the customer experience while meeting all of its regulatory requirements. Muriungi also managed remediation and portfolio optimization strategy. He was responsible for the implementation of default mortgage servicing rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Before coming on board with Chase, Muriungi was Senior Vice President of Special Portfolio Management and Servicing Strategies at GMAC Mortgage.

What has been your main focus since becoming head of mortgage servicing at JPMorgan Chase in January?

Our main focus has and always will be to improve the customer experience, while also putting the right infrastructure in place to comply with regulations that have come out. We’re spending a lot of time living the promise that is JPMorgan Chase, ensuring that that our customers feel that we’re providing exceptional service, and we think that starts with having a great culture for our employees. There really is a high correlation between a happy employee and a happy customer. A lot of my energy has been spent on continuing to improve those two fronts.

How would you size up diversity and inclusion in the industry? 

The industry needs to continue to focus on diversity and inclusion as an integral part of the businesses. It is imperative that we get better at growing in this area if we’re going to be successful in a market that is changing.

What is JPMorgan Chase doing to adapt to these changes?

An environment where fewer people are behind on their mortgage payments is a good thing. We have spent a lot of time building more efficient ways to identify these customers to help them solve that problem more quickly, which I think further contributes to decreasing foreclosure inventory and so forth. Helping customers facing difficulties stay in their homes is not only good thing for the customer, but it’s good for Chase and communities more broadly.

We are continuing to invest in the infrastructure needed to comply with changing regulations as well as to meet the changing needs of our customers. A more efficient infrastructure will allow us to continue to invest in the customer experience.

What role is technology playing in making that experience better for consumers?

Technology is going to play a big role in improving the customer experience, and we’re spending a lot of time thinking about a roadmap that makes sense over time and that is more aligned with the expectations of our consumers. But you can never underplay the importance of the people we have. It’s a balance between having the right people with the right attitude aligned with the right technology, and I think that’s how you win. Diversity is a big key to an innovative culture where we can have folks that can help us keep learning and continuously get better.

About Author: Kendall Baer

Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News.
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