Peoples Processing

As the world grapples with the Coronavirus pandemic, businesses everywhere are finding ways to deal with uncertain times. The mortgage sector is no exception. Lenders now must find various ways to avoid delays in loan processing.

Across organizations, employees are increasingly skeptical and hesitant about traveling to work. because of coronavirus concerns. Continue reading...

The process of mortgage origination is time-consuming and intensive. It is in the best interest of lenders to work with mortgage processing partners who offer a variable pricing option for the mortgage process.

On average, a loan can take about 35 to 40 days to close. During this period, mortgage lenders collaborate with various service partners and vendors in order to manage all the functions related to data collection and verification. Their main aim is to close as many qualified mortgage loans as possible while ensuring that they are following all compliances. Continue reading...

COVID-19 has brought in a difficult situation for all of us and everyone can feel the impact all around. As the virus continues to spread across the globe, it is not only impacting your health, but also your pockets. In a very short span of time, COVID-19 has brought in a change in how businesses approach and fulfill their commitments towards their customers.

The World Health Organization (WHO) has now declared the Coronavirus as a public health emergency of international concern. With every passing day, more and more people are coming under the radar of this epidemic, creating a significant concern for workplaces globally. With no travel, frozen budgets, and daily changes in global health reports, a technology-driven approach to businesses is the new mantra for success. In such situations, businesses with contingency plans in place are less likely to experience disruptions. Continue reading...

The last few weeks have been very distressing, with all the news related to the Covid-19 pandemic. I hope you are staying safe and positive amid all the uncertainty. We have never experienced anything close to what we are seeing with the Covid-19 pandemic. Without any doubt, it is having a drastic impact on how we live and work.

It is time, we do our best to protect our families, communities and thank all our healthcare professionals for what they are doing. Continue reading...

Earlier this week, Federal Housing Finance Agency (FHFA) in a release, announced that enterprises will purchase qualified loans in forbearance to keep the lending flowing. This move comes in to support homeowners and mortgage lenders. FHFA has said that they are approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria by Fannie Mae and Freddie Mac (the Enterprises).

In the release, Director Mark Calabria said “We are focused on keeping the mortgage market working for current and future homeowners during these challenging times. Purchases of these previously ineligible loans will help provide liquidity to mortgage markets and allow originators to keep lending.” Continue reading...

In a recent article, the Federal Housing Finance Agency (FHFA) has confirmed that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum.

This indeed is valuable news for homeowners, and they should no longer be worried about losing their home during this national health emergency. To help homeowners navigate the forbearance process, FHFA partnered with CFPB on the Borrower Protection Program to provide homeowners accurate information about forbearance and address concerns noted in some consumer complaints. Continue reading...

Covid-19 has officially been designated a pandemic by the World Health Organization (WHO). Originating from Wuhan, the coronavirus has affected every person and place like a global tsunami. It’s proven to be not just a health crisis, but also a social, economic, and political crisis.

Today we have a special story to share about one of our employees, Viju Davis, who has exhibited remarkable dedication and resilience in the face of this crisis. Viju Davis is a Senior Manager and Heads the Peoples Processing operations at Kochi, India – across 2 locations. Continue reading...

The Mortgage Bankers Association’s (MBA) in a recent release revealed that the total number of loans now in forbearance increased to 7.91% of servicers’ portfolio volume. According to MBA’s estimate, almost 4 million homeowners are now in forbearance plans.

With unemployment rising from historical lows in early 2020 to a record 14.7 percent in April, it is inevitable that mortgage delinquencies would increase as well. 33.5 million U.S. workers applied for unemployment benefits in the past seven weeks, and with signs of economic distress continuing into the second quarter, mortgage delinquencies will likely further increase. With it, the forbearance numbers as well will continue to rise. Continue reading...

Lenders and Servicers need to stay abreast of market changes, understand them well, and adapt their business practices to suit the new normal. While this has always been true, it is even more so, amid the current COVID-19 pandemic situation.

Handling complexities?

For several lenders, the uncertainty of the market has caused internal lending guidelines to tighten up. With physical meetings not happening, how do we handle the complexities? How do we have those conversations with our referral partners and even those sometimes-difficult conversations with borrowers in our pipelines? Continue reading...

Servicing loans is much more than retaining a portfolio and collecting payments; it’s about meeting the evolving needs of your customers and delivering an improved borrower experience. The current Covid-19 pandemic is causing significant social, economic and personal disruption. Most companies have 90-100% of staff operating remotely. The availability of teams to handle work volumes has been a challenge.

In this time of crisis, Peoples Processing is offering loan servicing support to Mortgage Servicers to help them improve borrowers’ experience and retain their customers. Continue reading...