Our CTO Uday Devalla recently published an article for HousingWire that dove into the K-shaped economic recovery we’re currently seeing and how COVID has disproportionately impacted Americans, with those who were doing well pre-pandemic doing even better during COVID while those who were already struggling are feeling the impact of COVID even more forcefully.
During the podcast, Uday talks about COVID-19 foreclosure moratoria, the CARES Act, the two housing relief policies ending soon, and how those policies expiring will impact servicers.
As Uday explained:
“Compared to originations, there’s a lot of focus on servicing now — and it will continue to be like that for the next few years. The experience consumers are looking for on the top half of the K-shaped recovery is, unfortunately, very different from those on the bottom half.”
He continues, ” Servicing the top half is about keeping consumers engaged from a retention perspective, including digital capabilities and borrower self-service. Whereas on the bottom half, it’s about making the process easier for them — going through a troublesome process on the forbearance side and loss mit side. How do we help that consumer go through that process in an easier and simpler way?”
Listen to the full podcast here:
To read Uday’s full piece on K-shaped recovery originally featured in Housingwire, check out How Smart Fintech Powers Lenders Through K-Shaped Recovery.