Attorneys and Servicers Discuss Challenges in Default Servicing

collaboration BHServicers and default servicing attorneys came together Tuesday for a day of discussing the challenges for the professionals as well as grow deeper in their knowledge of the industry to pave the path for the future of the default servicing legal profession at the Legal League 100 Fall Servicer Summit during the 2016 Five Star Conference & Expo.

The day began with the group gathering for A State of the Industry Panel. The panel, led by Lauren K. Ervin, an in-house attorney with Ocwen Financial Corp., assessed the industry as well as what panelist anticipated to come in the future. Panelists included Todd Barton, VP and Deputy General Counsel for Fannie Mae; Christopher Dove, Director of Operations for the U.S. Department of the Treasury; Yvette Gilmore, VP of Servicer Performance Management for Freddie Mac; and Laura Johnson, Senior Counsel for the Consumer Financial Protection Bureau.

After the panel ended, the group broke into roundtable discussions that covered topics such as remaining compliant with current regulations, streamlining foreclosure and bankruptcy processes, political and legislation outlook, navigating business changes and developments, changing the audit Process to meet expectations, and what servicers are looking for in an attorney. The sessions allowed for interactive, intimate discussions on the topics between not just the speakers leading the roundtable but the entire group of attendees as well. These discussions allowed both servicers and attorneys the opportunity to understand each-others points of view and receive input on how to continue to strengthen these relationships.

Once the roundtables commenced, the group heard a keynote address from Brian Montgomery, Vice Chairman, Partner, and Co-Founder of the Collingwood Group. Montgomery gave an address that commemorated the 15th anniversary of September 11th. He shared the story of his experience of that tragic day spent with President George W. Bush.  After his address, Ed Delgado, President and CEO of the Five Star Institute, and Laura Bush, First Lady of the United States (2001-2009) held a Q&A style discussion about Mrs. Bush’s life, the work she is currently doing for women’s education globally, and even some discussion about the Texas Rangers.

The day finished with a super session for the attendees. The session began with a panel led by Neil Sherman, Partner for Schneiderman & Sherman, P.C., and it discussed the topic of increasing wallet share by diversifying business practices. Panelists for this discussion included Barry Baker, John Berczuk, Daniel C. Chilton, and Marty Stone.

William Glasgow, Head of Mortgage Servicing for HSBC Bank USA, then gave an address on his perspective of what servicers are looking for in a law firm. Finally, Victor Draper, EVP for Provest, lead the last panel in the topic of discussing tools and strategies law firm and servicers can employ to decrease expenses, increase productivity, and ensure compliance in today’s regulated market.

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