Never before has it been so important to optimize the processing of this mission-critical function. Historically, mortgage default rates have been so low, that attention to back-office optimization in this area has been minimal. With the potential for rapid fluctuations in volumes, and financial cycles ripe for change, the time has come to address the future and its possibilities.

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A serious and escalating problem, with no signs of slowing down; the Grow-op and Clandestine Lab problem continues to be a major hassle for mortgage lenders. There have been recent cases where a major criminal bust has resulted in several cases at one time, taxing resources and degrading attention to detail. These are complicated matters that require serious attention to detail. Being able to manage and deal with these files from end to end is a strategic and specialized niche for Paragon.

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A customer is the most valuable asset a financial institution can have. International experience has shown us a long preview of the various possibilities for managing rapid changes in the application of mortgage default strategies. Narrow-market banking environments require even greater attention to the customer experience. It’s during their most difficult financial trials that a customer needs its bank most; and it will be learned that the same may well prove true in reverse. A partnership approach to default is essential to brand retention and process optimization.

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The current mortgage legal default processing is labour intensive and does not focus on the customer. The process is legal driven, uncompassionate and ignores the modern day reality of the borrower. There are many ways to reduce processing costs and improve the customer experience, through human interaction. Cutting through the red tape is the key.

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Increased default means increased default processing, increased default processing means less intensity of Customer communication. That however, doesn’t need to be true. Closer and improved communications with your customers will be key to resolving default matters involving their homes. New and innovative strategies will be the hallmarks of an optimized process, and be a key differentiator for a new and improved customer experience.

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Financial fraud and particularly real estate finance fraud continues to morph in new ways and create opportunities for significant avoidable losses. Identifying trends in the early stages, and providing recommendations for avoidance is the best management approach. Specializing in these matters industry-wide allows Paragon to share information and trends on a market and portfolio level. Rapid communication between product areas and other stakeholders on an industry basis is essential to stem the rising tide of fraud.

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