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work to avoid any disruptions.
How can financial services firms best
streamline and evolve their collaborations
with servicers? Communication is key.
Maintaining communication at all different
levels, whether it's at the top or even just down
to a specific file, keeping that avenue open is
beneficial for everyone involved. It allows you to
discuss developing cases and say, "Here's what
could potentially happen as a result." Especially
at events like the Legal League 100 Summits,
where it's a mix of firms, servicers, and even the
GSEs, there's a substantial advantage to getting
all of us in the room together talking so we can
hopefully avoid problems on down the line.
What are the hot topics that are coming up
a lot in the industry right now? I run our
compliance team, and 'compliance' can be
defined very broadly. It's always great to hear
about how BCFP rules are changing, the new
successor in interest regulations, FDCPA cases,
evolving case law across the country in different
districts and circuits, and the potential impacts
it could have across the jurisdictions. Even if it
doesn't have a direct effect on your day-to-day,
it's going to, in some way, shape, or form, affect
your operations.
"If there is an area
that's unclear, it's
advantageous for all
players—whether it's
within our industry
or even on the
borrower side—to
know what the law
is and that there
aren't any areas of
ambiguity that could
lead to additional
litigation."
