Toby Wells

Strategic Partnership Forms For Advanced Compliance Monitoring

Posted on by TMN Editor
By KIMBERLEY HAAS Technology is helping servicers with programs that provide systematic and automated approaches to loan due diligence, leading to partnerships that will enhance market compliance. Third-party subservicer Cornerstone Servicing, headquartered in Englewood, Colorado, announced last month that they are using compliance technology from Bizzy Labs to perform daily exception processing on servicing portfolios. The goal is to reduce errors, provide business risk transparency, and reduce per loan servicing costs. Bizzy Labs is an affiliate of BSI Financial Services in Irving, Texas, and their compliance technology, Libretto, uses a comprehensive library of over 1,000 business rules to identify servicing deadlines and data quality anomalies that could lead to red flags. Toby Wells, the president of Cornerstone Servicing, and Gagan…

Cornerstone Servicing President Talks About Retaining Borrowers

Posted on by TMN Editor
By KIMBERLEY HAAS The president of Cornerstone Servicing says they are prepared for both ups and downs in 2024. Toby Wells said in a recent interview with The Mortgage Note that although industry leaders hope for improvements after a tough year in 2023, people are worried about how much financial pressure American homeowners are under. Inflation, the rising costs associated with ownership, as well as increases in taxes and insurance are at play. “All of that kind of resonates in the potential for higher delinquencies and defaults leading into the latter part of ‘24. There’s concern about how to manage that,” Wells said. Although there has been historically low foreclosure activity in recent years, lenders started the process on 22,575…