The Technology Podcast: Generative AI Takes Center Stage

By KIMBERLEY HAAS Artificial intelligence is revolutionizing every aspect of the mortgage industry and as companies create systems that can help from origination to servicing, leaders speak highly of the possibilities ahead when it comes to accuracy, efficiency, and enhanced customer service. At the beginning of the year, leaders at Rocket Pro TPO announced a new AI-powered hotline for brokers. Executive Vice President Mike Fawaz told brokers they can expect more tools to be released over the course of the year. “Know that in 2024, AI and technology and really putting tools at your fingertips is our mission and these are the things we want to be able to deliver to you every single day,” Fawaz said. “And we’re going…

Strategic Partnership Forms For Advanced Compliance Monitoring

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

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…