The complexity in mortgage servicing has escalated, leading to a reluctance among servicers to abandon antiquated systems that have been in place for decades. At a recent conference, industry leaders highlighted the challenges of integrating new technology, pointing out that while artificial intelligence offers cost savings, the hidden costs can often outweigh the initial appeal. As servicers like Cenlar FSB explore AI's potential, the importance of selecting compatible vendors that align with long-term goals becomes paramount, suggesting a landscape where innovation is both essential and fraught with hesitance.
Mortgage servicing is more complex than ever; servicers are hesitant to leave behind old systems, risking challenges as delinquencies rise and innovation remains stagnant.
Taking on new tech stacks isn't easy; servicers must carefully choose vendors who will support long-term needs, balancing cost savings with reality of implementation.
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