BUSINESSMANAGEMENTREVIEW.COMDECEMBER 202319CXO INSIGHTSTarrah Mueller, Senior Vice President, Director - Servicing Business Development, NorthmarqREAL ESTATE TRANSACTION MANAGEMENT: SHARE KNOWLEDGE AND EXPERIENCES WITH PEERS LOOKING FOR DIRECTIONAL SUPPORTWHAT ARE SOME OF THE MAJOR CHALLENGES AND TRENDS IMPACTING THE REAL ESTATE INDUSTRY LATELY? FROM A LOAN SERVICING PERSPECTIVE:CHALLENGESCustomer service experience for lenders is declining. Service providers are placing less focus on the relationship after loan closing. Lenders must make their programs fit into the established box of the servicer rather than customizing for their business platform. As a basic example, loan servicing contacts are distribution lists rather than designated contact for the term of the loan.Property insurance risk management is a complex piece of loan servicing. The commercial property insurance industry is incredibly specialized, with its industry within the commercial mortgage loan servicing industry. Lenders and servicers are often lacking expertise in-house.TRENDSLenders are combining loans with servicers to create efficiencies for their lending team. The commercial mortgage loan teams within investment groups often run lean and need to maximize efficiency while managing mortgage banking relationships. One way to create efficiencies is to standardize the information received from loan servicers by using one or fewer service providers.Streamlined, prompt access to data for lenders is important. Every lender needs data from detailed loan information to high-level portfolio reporting and analysis. Meeting lender requirements to supply data at each stage of their technology journey is challenging.Tarrah Mueller
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