Issue link: http://dsnews.uberflip.com/i/1401310
27 "The consumer years ago was looking for relationship lending, and they preferred a one-stop shop. They could work with their local banker to get a personal loan, their car loan, a student loan, the home loan, and all that kind of stuff. What's occurred over the last 30- 40 years is that we have unbundled all of that." Could you speak some about the "false perceptions of the mortgage process" that you see commonly? We talk relationships all the time. You talk about loan officers and you watch and listen to advisors. Everybody is talking about the mortgage process being a relational thing, and it really is just highly transactional. It becomes a one-off piece. e consumer years ago was looking for relationship lending, and they preferred a one- stop shop. ey could work with their local banker to get a personal loan, their car loan, a student loan, the home loan, and all that kind of stuff. What's occurred over the last 30-40 years is that we have unbundled all of that. Now, we've created a bunch of products with different lenders. Instead of having this relational process, you've got this transactional process and the consumers are looking for the "best of breed." So, you got a student loan from the government, and now you've refinanced that with SoFi. en, you do your car loan with GMAC. e consumer has figured out how to maximize their credit opportunities, which has basically created a debt problem for them. Our view is that we have to somehow bring them back and look at how their mortgage impacts them holistically. At Finance of America, I'm trying to change the entire vision of the company to help people make informed decisions about mortgage borrowing and their most important life purchases. It's a long-term goal of making that connection, and that's really hard to do when you are acting transactionally. default servicing trusted reliable informed @ dsnews.com 5.2021 SINGLE-FAMILY RENTAL INVESTMENT LIFTS OFF Despite challenges such as moratoria impact and property management concerns, investment experts reveal why SFR opportunities are surging. IS CHAPTER 7 BANKRUPTCY BROKEN? Does the current process deny debtors and creditors their rights? OVERCOMING DIGITAL DISTRUST Today's consumers expect a proactive approach to deliver the innovative products and services they need. DISPELLING MENTORSHIP MYTHS Why mentorship is still relevant in the modern mortgage workplace. DS News is the leading publication dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS SUBSCRIBE NOW! Connect with us online at DSNews.com. THEFIVESTARINSTITUTE