COVID refinances overwhelmed mortgage servicers, causing payment processing errors like missed ACH entries and incorrect routing numbers. Frustrated lenders are now handling servicing in-house to fix these failures and protect client relationships.
Because we're all sick of the servicers.
Yeah, that's right.
I mean, they've gotten so large and COVID again, I can sit here and you'll be the 14th person we've interviewed today. And I know that everyone we've talked to, COVID, we've shared a concern how COVID disrupted our space one level or another. This be one of them. Yeah. Because when COVID happened, all those refinances took place. Servicing became astronomical. Yeah, they got too big for their britches and now they really don't care. It's just a day in, day out job.
Yeah. And I see my clients caring about their borrowers, right? They want to provide the level of service that they feel is appropriate. And the other servicing companies, I think, is not up to par for what they want to provide.
And what the servicing companies don't understand is when you disrupt my client's ability to make their payments, they don't get mad at the servicing company. They get mad at me.
Yeah, that's right.
And I spent years building this relationship. Yes, that's a good point. And you destroy it because you didn't input an ACH form or You know, you missed a digit on the routing number, whatever stupid excuse we run into every day. And we have to take time out of our day to calm our client down, say, no, there's not going to be any late charges. No, they're not calling your note due. Sorry that this happened.
Provide good service because that's what you do. These are your clients. We care about them.
And that's why some of them are bringing them, bringing it in-house to where we can control it.
Yes.
And that's so important.
That's right.
So you guys work on it. Yeah.
