COVID 19 pandemic has impacted the title companies significantly; there are a number of aspects they need to be careful of since there are bankruptcy filings and dodgy debtors trying to escape mortgage payments; the viable idea in this scenario is to outsource the usual services to decrease the surging pressure on internal resources.
This impact is influencing the work triangle: the work itself, the people who gets the work done and where it is done.
A lot of pressure building up on the servicers’ end, wherein, increased applications for forbearance leading to counter default management and loss mitigation etc. are going to create a huge demand for experienced workforce.
n response to the unprecedented lockdown period, this is the first time we have unplugged our workforce from their respective workstations. We are settling with the new normal, hence we have introduced WFH policy in our business continuity plan to align with the crisis demands.