Regularly, the Consumer Financial Protection Bureau (CFPB) publishes a report examining mortgage servicers’ responses. It recently released a report related to the Covid-19 pandemic. The data, collected across 16 large servicers from May through December 2021, reveal homeowners continue to face significant risks and challenges connected to working with their mortgage servicers.
As 2022 continues, property preservation companies are navigating through challenges presented by low foreclosure/REO volumes, navigating regulatory challenges posed by maintaining properties and preparing for an upswing in those volumes as moratoria and homeowners exit forbearance.
The disruption due to advanced technology in the property preservation industry depicts a major evolution. In this new automation-driven era, as the world is adopting advanced technology for overall improvement, most of the property preservation service-based companies are focussing on the quality and accuracy of the services, which play a key role in making them stand out from their competitors.