FHA Default Servicing: Risk, Property Insights and What’s Next

Marvin (00:00)
Well hey everyone, welcome back to another episode of Stewart in the Studio. We just had a great conversation with TJ Harrington, Jessica Thorne, and Jason Myers, all on the Stewart team, really about just how servicers can improve the default process. Let's do this.

This is Stewart in the Studio from Stewart's Thought Leaders. Okay, we're back for another episode of Stewart in the Studio. Thanks for joining us, everyone. Today we've got Jessica Thorne with Stewart and Jason Myers with Mortgage Contracting Services, a Stewart family member of the Stewart family, which is exciting. So TJ, you've been very involved in this space and really just kind of charting the course for us. I know between you and Jessica, Jessica, the leading strategy here on the servicing side. The two of you really have kind of painted a whole vision for where we’re going. Talk about that in just a little.

TJ (00:47)
You know, really MCS’ acquisition at the end of the year. MCS is a crown jewel in the default space. Not just because Jason works there, but because they are…

Jason (00:58)
In spite of Jason.

TJ (1:00)
They are a leading provider of property preservation and that is often kind of the tip of the spear for delinquent loans. And so, adding them to the family really completed the vision of what we were looking to do. Stewart traditionally has been a strong provider in the default space.

We had an incredible offering and kind of a business process outsourcing for loan mods. And we kind of stepped away from that and have been getting back into the market with Jessica coming on board with MCS acquisition. But really the idea of having field services property pres, of having SVI, who's already traditionally been a strong player in the valuation space, building back out our title offerings, really going soup to nuts with what we can do from early stage default all the way through disposition has been the vision and having best in class services and bringing Jason and the MCS team into the fold has been just such a key acquisition. So really from a vision perspective, them leading the way and us kind of following along with all the other ancillary services that follow their solutions and giving customers really a holistic view of the asset in its whole journey has been where we've been looking to move to.

Marvin (02:06)
Yeah, for sure. And before we go too far, Jessica, since you've come back to Stewart, obviously that's great. Just give us a little bit about your background because you have a real rich background in this space. Just give us some highlights of kind of what that means.

Jessica (02:19)
Yeah, yeah. So, I'm on my second tour, back at Stewart. I was here about ten years ago and prior to that I worked at a law firm; a foreclosure, bankruptcy, litigation type law firm, REO all the things title.

Marvin (2:35)
All of it.

Jessica (2:35)
Where I kind of cut my teeth in title. Yes. And then came here, did a brief stint for about two years, in the title space. We were building out default and it was a little wobbly and then I ended up leaving, going to another title company where I sat for ten years.

Marvin (2:55)
Waiting to come back.

Jessica (2:56)
Waiting to come back. Very patiently. You know, worked in the title space, worked with a lot of servicers, a lot of banks, managed the client facing piece. And I'm just excited to be back here.

Marvin (03:11)
And we're excited too. It's great that you have just you've been sitting in all these different seats and now you come back to serve those different groups. So, Jason, give us a little bit about your background too. Most so many people know you in this space, but just tell us who you are, what you've done.

Jason (03:25)
No, you know, been fortunate to be a part of MCS for six years now, which has been wild to think of, wild to say. Prior to that I was a part of a group that was owned by a servicer doing services, title valuations, auction, property preservation. And then before that did fifteen years at an event that's happening in a couple of weeks. We'll be there. So I did about just under fifteen years at the Five Star, DS News at the time, REO Magazine before that now Mortgage Point, but led their sales and marketing efforts there.

Jessica (03:58)
Fifteen years.

Jason (4:00)
So hard to believe. Right out of school.

Jessica (4:01)
It aged you.

Jason (4:03)
I was there for Five Star one through Five Star fifteen.

Jessica (04:07)
Wow.

Marvin (04:08)
So, let's dive into the FHA space. That's kind of the focus today is maybe TJ you can set the table on where FHA sits in the whole default space?

TJ (04:21)
Yeah. So we particularly during the COVID and post-COVID era, had some significant loss mitigation foreclosure prevention measures, with the Trump administration coming in. Those programs have gone away and we're beginning to see a pickup of distressed consumers, but particularly in the FHA portfolio and the VA portfolio. We're still seeing very strong performance with the agency paper, so less defaults there.

But really we're reverting to the mean, so to speak, of traditional default volumes. So not necessarily heightened what we saw. It's not 2008 all over again. It's really much more of a back to normal, which feels exceptional because we've been in an environment where foreclosure volumes have been artificially suppressed.

Marvin (5:01)
Artificially.

TJ (5:02)
Yeah. So we're really back to you know, business as usual. And the brunt of that it right now is falling on the FHA portfolio. And FHA in particular is full of first-time home buyers. It's with a certain segment of population less affluent. And those are the consumers that are feeling the pinch the most from tariffs, inflation, job pressures. And so that they're under greater distress than any other portion of the market. And we're seeing that in the early-stage default. We're seeing that at the beginning of orders and MCS for field for the property pres pieces. And we're crafting solutions today that are specific to kind of the FHA process and requirements to make life easier for servicers and sub servicers and that space.

Marvin (05:45)
Because it's not easy. For sure.

TJ (05:46)
It's not. And unfortunately, you know, it's fast changes from a regulatory pacing perspective with the rollout of trying to have new programs to serve borrowers as best we can. But also the math problem on disposition, is it better to go auction? Is there still money on the table for selling on the courthouse steps or going to an investor, or is it better to go through REO, do all the repairs and try and get full market value out of it?

And that's a math problem that servicers and their investors are trying to go through today to figure out what the best disposition path is.

Jason (06:20)
And we have some that even looking at beyond getting back to original sale, can we add dollars and create something that is a higher value because there is such a dearth of property. So, create something that's got a little bit more value, maybe a little more attractive than some of the properties in the market. There are a lot of decisions to be made.

TJ (06:36)
And with the low inventory, that does that's absolutely viable option. And you guys see that because you guys are the ones who are out there with the repair options and giving servicers a look at here's what this costs and here's what your ROI might be and here's maybe the marketing budget.

Jason (6:52)
And we've done that for a long time, but now as part of Stewart with Jessica and the team, we're able to create something that's a little bit more strategic that leverages our data, what we're seeing, and then actual real time values and potential upside, which is..

Marvin (07:05)
Because talking about the data, you know, where are the trends going? You know, we've talked about kind of the numbers coming back to normal, but what are we seeing down the line? Because you guys have a way of looking at it being property preservation. You're seeing what's actual versus maybe what somebody's trying to pull from the data.

Jason (07:22)
Yeah, I think that you have to look at it in real time, right? I mean, forever we could set our watch to a ten percent vacancy rate. Right. And that's about where you're gonna be. Maybe you have it ebb and flow, half a point, whatever. But ten percent's kind of the number that you can plan on. Well, to TJ's point earlier with these artificially suppressed numbers, we've been sub four percent for six, seven years now, which is wild. People are staying in their homes 'cause they got nowhere to go because there's no inventory, in part because there's no default creating inventory.

Now, as we loosen some of those restrictions and there's some accountability and we're starting to work through these properties, we're now returning to those 2019 type numbers where we are in the low nines, high eights from a vacancy perspective. And that's I think that's really the story. It's one thing to manage an occupied FHA or even you know agency property. But once it starts to become vacant, that's when you really run into how can we look at disposition? What's the model we want to go to? Is it second chance? What do we want to do with the asset?

And the risks grow exponentially higher because there's no one there. So not only do you have service or risk, but you have risk to your brand, you have risk to the communities that they serve and they live in, right? Because if a property sitting next to you vacant, kids are using it and they're having parties or whatever, someone's squatting in it, they're not adding value. They're not, you know, taking down walls in order to create an open concept. They're literally…

Marvin (08:42)
Maybe taking down walls, but…

TJ (08:46)
They're stealing copper. They're stealing copper. Yeah.

Jessica (8:48)
Yeah. Toilets. All the things.

Jason (08:49)
I mean that's what's what's been wild. And you get data out there, we've seen a lot of things coming back where, yes, it's up, but is it a false up? Is this real? I can tell you from what we see and MCS has call it 25% of the FHA market share right now, right? Pre representational volume. We have some very large servicers in there and we are seeing a meaningful growth. We're having our highest months of putting having to put properties ICC since 2018. We're seeing inspections both recurring and new go up by meaningful percentage points, not blips. Like we're talking about actual volume increases. Yeah. And and I want to say a lot of people say, well, sales guys brought in some new logos or we've done things. These are normalized numbers, assuming the same volume with the same allocation percentage as before. These are apples to apples seeing 10, 15, 18% jumps in areas.

TJ (09:40)
There's been some headlines about the default numbers and FHA performance, but some of that's been reporting anomalies, the way that they're counting people in loss mitigation. What you're seeing is actually counted by assets. That's really real versus some of the just the numbers.

Jessica (9:54)
Boots on the ground.

Jason (09:55)
Yeah, and I think you said it a hundred percent. And you said it right. We talk about it a lot, right? Stewart's amazing at the data perspective, valuation, title, a lot of those things. But we're at-property, right? And Jessica's got an amazing background doing the same thing. We know from beyond the zeros and ones or the Excel spreadsheet, right? We know 123 Main Street, because we're there knocking on the door, mowing the lawn.

Jessica (10:21)
Or see the hair grow out of the title.

Marvin (10:23)
Yeah. Right. Exactly. And so I think that all of this change is really kind of to your point, TJ, is bringing pressure on servicers. And so, just real quick, what are they saying when you're talking to them about the changes in the market, what's happening?

Jason (10:39)
They're not worried about seeing it. They are seeing. That's what our clients are saying. And so it's reactive to this is what's changing. We're seeing vacancy go up. What are we doing to manage risk? How are we hitting timelines? How are we making sure that property they're getting, if they go through conveyance, getting conveyed on time, not getting reconveyed and they're getting penalties? So how are you doing this? But also, I think what's not being talked about a lot, or it maybe it is, maybe it isn't, but there's concern about the property, but there's also concern about the partners that they have in the space.

Because we had such a suppressed workforce. We had, there was loss in volume. That affected companies, Stewart, MCS. We're not, you know, we're not absent to it. So they're looking at do I have a property? What's the concern there? But additionally, what's the concern for my vendor pool? Right? Are they gonna be around next week when we have to do things? Because we can't react. We've got to be proactive now.

Jessica (11:34)
Go ahead.

Marvin (11:35)
It's a scale issue, yeah. Largely.

Jason (11:37)
Yeah.

Jessica (11:39)
Scale, financial stability, all the things. Yeah. And do we have enough staff to support their model? Right. And I feel like it's ever changing to support their economics and making sure that we as a holistic solution can support that.

Mortgage Contracting Services (11:54)
Protecting our clients' homes, values, and neighborhoods. That's the focus of Mortgage Contracting Services, a Stewart company, making us a leader in preserving, maintaining, and protecting properties since 1986.

From inspections and property preservation to protections and conveyance condition management, we’re here to care for your properties. With scalable technology solutions protecting our clients' homes, values, and neighborhoods. Protecting your house like it's our house. This is what we commit to at Mortgage Contracting Services, a Stewart company.

Marvin (12:29)
That's kind of a good segue onto the financial side. Because you just recently joined Stewart, the Stewart family within the Stewart Lender Services family of companies. What's that been like? I mean, what does that bring to you when you have conversations with servicers who've known you for years as MCS, what are they saying now about you being part of Stewart?

Jason (12:47)
So I want to say in a couple different ways, right? Number one, what they're saying is congratulations for getting bought by Stewart. We have no idea. Nothing has changed. We still have the same technology. MCS coming into the Stewart ecosystem didn't exist property preservation didn't exist before. So the technology, the way we manage things, the teams, the amazing group that we have came in force. And so there's really been no degradation or change. Honestly, I could not think of a better marriage or generally a better partner than we have with Stewart who just said we wanted MCS for a reason, go be MCS and then let's support this.

And then beyond that, I'm gonna steal the quote this time because you've done it before, right? You can't make new money in servicing. All you can do is spend less. And so when you come in with a partner that already exists, like an MCS or a Stewart that now does more things for them, there is less overhead needed. There's less oversight needed. You don't need to do a SOCs audit for a title company, valuation company, notary company, a data company, property preservation company. We got one document that covers everything. So they're able to then say they're lessening their risk management, but they're also taking a group that, let's be honest, wasn't a P&L, right? It was a L, if you want to give them the “&”, that's fine. So they were “&L.” But they were taking these and they were having to do the due diligence stuff that's critical. I'm not diminishing what that is, but if they're able to do it less but through a more effective win, huge win.

TJ (14:14)
And from my perspective, you know, the vision was to have a shared execution model across all the services. And that's something that is unique, I think, to Stewart. As we said, and as you said, we focused on keeping the secret sauce on makes you guys you guys from an MCS perspective and in talking to your customers, they love you guys, the work that you do. We said what can we do to enable that, to make that consistent across the different services that we provide? And so we're rolling out to focus on FHA, something we're calling Unified Service Experience.

The USE Stewart dashboard, the ability to see where an asset sits amongst all of our services, what the key milestones are, what the key risks are associated with that property in one dashboard look. So today that would be sitting in different silos in a servicer or different departments that maybe they don't get the holistic look or its spreadsheets back and forth. The technology that we see today and the reporting that we see today on the customer side, they just don't have the ability to drive that and having MCS be the tip of the spear and being able to provide the boots-on-the-ground view of the property.

Well, that informs me from code violations, which changes what I'm doing. Okay, there's other issues in the property. It's now not vacant. Well, don't send an appraiser out to do evaluate a do appraisal product. There's things that we can teach each other or services that key off of each other that save product spend that deliver a faster timeline of reconveyance that lowers the risk that product it is….

Jason (15:37)
It’s a better product here.

TJ (15:39)
And we're able to give clients the view across the board because we have all the service the key services under one roof and more importantly, are able to share data, are able to communicate on execution, and are able to all pull in the same direction to drive an output.

Jason (15:54)
And you're a hundred percent right. And Jessica and I have been working on this in the background and we're rolling it out now with a couple of groups, specifically on a valuation and preservation side, where it is shared data because we have a view of the property they don't have. We can inform an appraiser or an inspector before they go out to understand what's going on. Then we can get that data back. It's now a basically a 13th inspection on a property that you're not paying extra for. These are allowable items that are going on, just created and done more efficiently through a partner that's communicating internally.

Jessica (16:24)
Well and it's also creating, it's helping with the economics, right? To your point for a servicer to spend less is the key, right? That is the name of the game. So if we have purview and they have purview through, you know, some type of a dashboard where they're monitoring the life cycle of, so to speak, of the property and they see that the house, you know, something exploded in the house and they're not communicating internally, they're not gonna need to order five more title updates while they sit and wait.

Right? So they're saving the update fee, they're saving on the potential valuation cost and then they're investing in property maintenance and revamping and whatnot.

Jason (17:02)
And servicing inherently is a management business. You are managing vendors, you are managing payments, you are moving things around. Great people, they can do anything, but they're not doers. They're not getting their hands dirty, not mowing the laws, doing the inspections that we are. And if we're able to put them in a position where they can, from a dashboard or anything, share data and make informed decisions and manage, run the program that they've been trained to do for their entire career, then they're infinitely more efficient. And that's just a better partnership leverage.

And that's why I'm at MCS, I'm so excited to be a part of Stewart and so thankful for Jessica and TJ, Marvin to a degree. No, no, but but what we're able to create together is something that is meaningful that the industry hasn't seen in a long time. That is already through pilots. And happy to talk about it, but through pilots, we're creating real change. And lowering overhead.

Jessica (18:01)
And we’re able to effectuate the change.

Marvin (18:02)
So right. Everything's been pretty static for a long time. I mean, there haven't been new players in this space. There hasn't been really new technology in this space. It seems like it's really kind of just been sort of status quo, while these vacancy rates have been low and everything's been good, are sort of artificially low. So…

Jason (18:21)
And it's been it's been data moving to actionable insights. Like that's what we're trying to go. Yeah. It's going from again numbers on a spreadsheet to actual things that can effectuate the change.

Marvin (18:31)
And alerts so you don't have to go find a needle in the haystack in the data haystack there. You can have an alert raised. Yeah. So you have some idea of what's going on.

Jessica (18:39)
And it creates a little bit more of a controlled environment for the servicer too, right? Where you may have less people focusing potentially on the dashboard, but it's the people who are focusing on the dashboard that help effectuate the internal change to push everything through.

TJ (18:53)
To use an analogy really of what were the things that we're proposing, looking at originations in the home equity space. We’ve worked with originators to say, hey, what are your program guidelines? What are your credit risk guidelines? You tell us what they are and when the order comes over, based on what the loan type is in the program, we'll know what services to order for you. So you don't have to build rule sets and or understand what it is. We’ll just fulfill to your specifications.

Jason (19:19)
Yeah, the specification is critical, right? Once we define the business rules and expectations.

TJ (19:23)
And so we're looking to do that same thing in servicing to say, okay, rather than open up a rail and have actions flow from that, we get a status. We know what the next step is for you. Let us give you a dashboard to govern, but let us control execution because we know what drives next and because we're unified and hold all the process pieces. Use us for all the process pieces.

And you get this really tight controlled execution based on the rule sets that you predefined with us. And that saves days and days and days and time is money in servicing.

Jessica (19:55)
Absolutely. And I think I will say from an effort of coming up with these great ideas and I'm gonna come back to me for just a second. I was super excited to come back here because of all the opportunity to come up with all of these efficiencies for servicers and clients and such and being able to effectuate change, which I like to put Marvin up on a pedestal, feed him grapes all day long. because it is not often that you are part of an organization that you can come up with an idea and then have someone actually be able to execute, formulate, memorialize and put it together and then move forward with you know the three of us to execute.

TJ (20:36)
Get client feedback and have them be blown away. And I keep mentioning the Unified Service Experience dashboard, the USE Stewart dashboard. And we've given client feedback on just the view, the milestones, the customizations, the reporting, and the feedback's been universally blown away by it. And it's bringing technology and data to bear in a place that's been essentially a desert from that perspective.

Jessica (21:00)
Yeah. It started really internally to so that we could figure out how to have purview and you know, open to information and be able to move things through the pipeline from Jason's world into the title space and valuations.

TJ (21:15)
To better execute amongst our teams on the whole. It's a client making it client facing is…

Jessica (21:20)
Absolutely. As an added value. It's just it's exciting. I'm loving it.

Marvin (21:24)
For sure. And two things, you know, the depth of experience that all the combined teams, all of you and the combined teams bring, allows that to happen. So we can sit down and really talk about things in detail across title, valuation, prop pres, in real detail and capture all that information and with the help of our customers too on the servicing side. So it's really been a great journey to put that in place. But the one thing we've talked about, we kind of highlighted an example, but what it this really I think eliminates is that back and forth between those so that it can come between internally and then be exposed to the servicer so that they don't have to manage all of that on their side going back and forth like they would with disparate vendors. But one thing I don't think we've talked on about much is the actual title piece. We've talked a little bit about prop pres, we've talked a little bit about valuation appraisal. But Jessica, that's kind of your wheelhouse on the title side. How does title fit into the overall vision here of putting these three together?

Jessica (22:27)
Well, you can't do anything without having clear title. So, you know, Jason's world puts it in ICC condition. You know, we perhaps we go to BPOs, all the things that happen simultaneously, but without having clear title, you cannot convey back over to either HUD or FHA. So having the two married together is actually very helpful so that we are tracking the timelines are very specific, right? And so that we are tracking from either the end of the redemption period or when the property goes to foreclosure sale and we are tracking together to make sure we have ICC condition, clear title, and then we are able to upload the final title package because you can't do any of it without both.

Jason (23:09)
Every swim lane has to be operating, right? But the key is to communicate any changes or issues. Because we could run in, I mean, you could run into an HOA where property has been sitting and there's a lien on it. Well, we've got it. That should be informing title. Right. There should be a there could be a change in the asset when we've gone out there because the valuation's gone out and that's gotta inform everything. Right? Because that's gonna impact the potential sales.

Jessica (23:31)
Solar panels on a house that nobody knows about. You know, that that's an impediment that takes all the time. That takes a long time to clear. You know, that's a lien that could take a long time to clear. So just having the insight that boots on the ground that helps navigate the title process as well, I think is helpful. And just having the synergy, as I kind of imagined before, of the title group being able to say to the customer, hey, you know, we've seen on the dashboard, you might not have miss seen it or you must have you may have missed it, but you know, the house has X, Y, and Z going on. There was a tornado that blew through, and we are not able to move forward. So it is not necessary for you to invest X, Y, and Z on another title update, even though the timing makes sense, right? Being proactive, being able to help our clients, you know, be more efficient and more efficient economics.

TJ (24:22)
Even on the flip side too, we're we're carefully monitoring foreclosure timelines for power of sale trustee states and for judicial state and judicial states where maybe your county's running slow and or maybe the timeline's not running or the sheriff's deed is not getting executed or they're pushing hey, there's new mandatory mediation and that changes the cadence of when Jason seems to go back on the property or suddenly the property's occupied. Does that now change to gotta add an eviction count?
Or hey, there's now the need to quiet title or do a reformation of the mortgage because there's title related issues. Let's secure the property and make sure because it's now an extended timeline on the asset. Just those types of coordination items. That feedback isn't always normally there. But now we're able to better, better project out what a timeline for disposition looks like and stage services as appropriate, which ultimately is a cost.

Jessica (25:13)
We also handle the foreclosure title, right? So having that internal communication and that end-to-end relationship helps in your world too, because let's say they're an ICC condition, they're ready to go and title's the holdup, right? We have all of those relationships and all that internal communication where we can solve for things more swiftly and more quickly.

TJ (25:36)
And these charming guys are able to negotiate code enforcement liens off the property faster than we can to get.

Marvin (25:44)
Well, those are those aren't little things though, right?

TJ (25:46)
They're not. They're not. They're not. And it but the you know, the challenge is normally, hey, I'm calling the county clerk and they're telling me, hey, unless you go fix this, I can't give you a release or whatever else. Well, these guys are on the property and they're fixing it's a quick time and it's a quick call. Hey, I just fixed this, come on.

Jason (26:03)
The data's already there, they just don't know it yet. Through access all that sort of stuff. Absolutely. I think that's one of the big things, right? I mean, we talk about it in a lot of areas. I mean, talk about saving money from a headcount or a right-sizing standpoint, but there are real costs that are incurred by servicers that you can't call back. If someone gets to a property but can't access to do an interior appraisal or valuation, or there is a code issue and you've got to have someone come out. You're paying trip fees, you're paying update fees, all these things that you know FHA's not going to reimburse you for, Freddie and Fannie aren't going to reimburse you for.

But if we could solve the problem on site, because our team was the one who was out there, they're the ones who did the key. They're the ones who fixed the code issue and have proof. Here's live photos of this and can share that. We're saving days. We're also saving direct dollars. Right. I mean, it's not just ethereal ideas. There's real savings.

Jessica (26:55)
Going back to the unified concept with this dashboard, giving the, you know, the customer the opportunity to see what's going on in real time, right? Because Jason's team is going to be updating that, which means the title team will update their timeline. And, you know, whoever else needs to weigh in, they're able to see in real time versus let me wait for so and so to call me or let me follow up on the spreadsheet that they sent me with their report.

TJ (27:20)
Yeah. Let me ping for a status and a day and a half later I get it back and then a day later I send an action out. I've just lost three days in my process.

Jason (27:28)
Happens every single day.

TJ (27:30)
The other part of it too is the opportunity amongst all of our groups, because we do have the collective pieces, is to put together the data with a nice bow around it for the claims and partial claim process. And being able to have that data in a package to make that easy, which today is an absolute nightmare. Right? And in our ability because we are one company with one execution model, we're able to share data and to put a nice bow around it.

Jessica (27:57)
Yeah, that is an added value too because, you know, when you're going through this process, we kind of forget once it conveys over, for us we're done. But for the client, there's still extra process and things to do. And for us to be able to provide all of the data so they're not clawing at different things and trying to pull data from God knows where to submit their partial claim, which is would be helpful too.

Marvin (28:24)
Yeah. Now as we wrap up here, TJ, we we kinda want to put a bow on it for the servicers out there who are watching and trying to get their arms around where we are positioned. I mean, obviously Beth Fowler leads the Stewart Lender Services family of companies. We made huge investments in the servicing space to make sure that we can accommodate all the needs of the servicers. What would be the takeaway or the message that you would say today?

TJ (28:44)
I would tell servicers and subservicers, hey, we're back in the market. We're here to be a meaningful contributor. We've made a large investment with buying MCS, bringing Jessica on as a partner to drive strategy, and are really here to offer a compelling vision of what the what can be done in the space and to challenge some of the incumbents who've gotten very comfortable and allowed their service to stagnate and their innovation to stagnate. We're here to challenge them and deliver excellence like they've never seen.

Marvin (29:12)
Excellent. Excellent. Sounds great. And you're all gonna be at Five Star?

Jason (29:16)
Yeah, absolutely.

Marvin (29:17)
Okay. So, a servicer can come up and talk to you about the technology aspect or financial strengths or how you all work together or…

Jason (29:24)
Real time examples of what we're doing for these people because we have that data to show the value that we have.

Marvin (29:30)
Great. Okay. Well thanks again for being on Stewart in the Studio.

TJ (29:32)
Thanks Marvin.

Jessica (29:33)
Thanks for having us.

Marvin (29:35)
That's it for Stewart in the Studio. Find more episodes and insights at stewart.com slash lender. We'll see you next time.

Disclaimer (29:42)
This podcast is for informational purposes only and reflects the views of the speakers. It should not be considered legal or business advice, and listeners should consult their own advisors before making decisions.