On Thursday, servicing leaders met at the Five Star Default Servicing Summit, hosted by Altisource at the Four Seasons Resort and Club Dallas at Las Colinas. Speakers included Stephanie Ruiz, Director, Default Servicing, Ocwen; John Dunnery, VP, Government Loan Servicing, Bayview Loan Servicing; and Jane Larkin, VP, Default Management, Colonial Savings. The keynote address was delivered by Patrick Coon, Senior Managing Director - Servicing, Home Point Financial Corporation.
The first session of the day was a discussion on FHA Risk Mitigation. Ruiz spoke risk mitigation throughout the delinquency life cycle of an FHA loan. "The process starts with Field Services and continues through valuation, title, liquidation and claims."
Session two was titled "De-Risking Your Portfolio." Lead by Dunnery, the session asked, "How are investors managing properties in high-risk areas, such as New York or Chicago?" The summit highlighted highlight the creation of the RPAPL report, which helps identify risk and ways to reduce it.
The last session before the keynote, led by Larkin, was titled "Investor Guidelines and Best Practices." With portfolio diversity so high, industry professionals guided attendees in the right direction for guidelines to follow, and who to listen to.
Before the summit, Coon told MReport that he was looking forward to hearing from other industry default managers, and hearing what they are doing when it comes to areas such as property preservation and managing losses.
“It’s not only important, but imperative, that we as a mortgage servicing industry periodically get together to listen and to share ideas on issues that are most prevalent to our business,” Coon said.
Coon’s main points during his keynote included disasters as well as default stats, noting what the rest of the year may have in store.
“Certainly 2018 and the first half of 2019 has been interesting for our business,” Coon said. “Economic factors are indicating that we should perform in much the same manner as ‘today current.’”