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ยป VISIT US ONLINE @ DSNEWS.COM 11 WHAT ARE LESSONS YOU'VE LEARNED FROM PAST NATURAL DISASTERS? WHAT SHOULD SERVICERS DO TO PREPARE TO HELP BORROWERS THIS YEAR? One suggestion would be the implementation of Borrower Advocacy Programs to assist homeowners with their hazard insurance claims. ese programs are aimed at default prevention and can have the added benefit of an enhanced reputation during a time of need. Borrowers may be unfamiliar with the nuances of their policy, may unknowingly accept a wrongful denial of coverage, and may be unaware of changes to FEMA flood maps that could trigger a requirement for flood coverage. In short, communication is key, and having a program to help borrowers is always a good place to start. WHAT ARE SOME TRENDS YOU FORESEE AS WE HEAD TOWARD 2020? I see a decrease in default volume, which could increase firm and service transfers as a result of servicer and firm consolidation. ose results are unfortunately foreseeable and will continue until there is a significant economic change. As a result, we all need to focus on providing exceptional customer service and improve efficiencies. HOW IS TECHNOLOGY IMPACTING THE INDUSTRY? e question here is really two-fold. 1) How is technology being used among firms with servicers and their vendors, and 2) how is technology being used with borrowers? As to the latter, consumers want modern technology. ey want to communicate with the servicers on apps. Even email is probably outdated at this point. ey want quick interactions, and, generally speaking, anytime we use technology to become faster, it can be a good thing. However, there are certain protocols and regulations you need to keep in mind, such as verifying the identity of the person. at becomes an issue if you're just app based. ere are certain things that may require a phone call, but technology will certainly help build a better relationship between borrowers and servicers. As technology relates to firms and ser- vicers, it's obviously not going away. It provides us real-time information and data, which is great. e difficulty, of course, is the expecta- tion that everything's perfect. I haven't found the system yet that links up with another system perfectly. When the data doesn't co- incide, often it results in even more manual work, which is what technology was hopefully supposed to help replace. Expectations that systems are going to be perfectly aligned just aren't realistic, but it is allowing us instant ac- cess to data to make informed decisions. Delivering news you need. When you need it. Sign up for new alerts each morning to get the industry's top stories delivered direct to your inbox. Register for the Daily Dose at DSNews.com F R E S H L E Y B R E W E D , E V E R Y M O R N I N G R E G I S T E R F O R T H E D A I L Y D O S E A T D S N E W S . C O M GET YOUR MORNING PICK-ME-UP