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MBA, PwC White Paper Tracks Powerful Impact of Nonbank Servicing

On June 24, HousingWire released an article discussing the release of The Changing Dynamics of the Mortgage Servicing Landscape.

MBA, PwC white paper tracks powerful impact of nonbank servicing

Nonbank mortgage servicers have changed the industry

The Mortgage Bankers Association and PricewaterhouseCoopers today announced the release of The Changing Dynamics of the Mortgage Servicing Landscape, a white paper addressing the current state, and history, of mortgage servicing.
 
The white paper describes the changes that have occurred in the mortgage servicing market to get us to where we are today.  It also discusses how increasing servicing costs can impact the price that consumers pay at origination and highlights the trends that have led to non-bank servicers gaining an increasing market share in recent years.
 
“Non-bank servicers are a critical component of the real estate finance industry and their recent growth reflects a normal cyclical change in the marketplace,” said David Stevens, President and CEO of MBA. “This whitepaper will help educate stakeholders and policymakers about mortgage servicing, in hopes of that they will better understand the market dynamics as they make policy decisions and recommendations going forward.”
 
“Mortgage servicing remains a dynamic and critical component of the financial services industry. For industry participants, it’s critical that the flexibility exists to adapt business models and strategies when the markets dictate change,” commented Roberto Hernandez, principal, PwC US.
 
Additionally, this whitepaper provides a summary of the regulatory framework that applies to both bank and nonbank servicers as well as a perspective on two areas that have recently generated regulatory interest: mortgage servicing transfers and servicer net worth, capital and liquidity requirements.
 
Key findings of the paper include:

  • Non-bank mortgage servicers in the top rankings are not a new phenomenon.  In the late 1980s and early 1990s, non-depository mortgage bankers were major players in the servicing market.
  • While banks and non-banks have differences in how they finance operations and whether they hold deposits, all mortgage entities are subject to the same consumer-related regulatory requirements with differing prudential requirements.
  • Banks still hold the majority of the mortgage servicing assets in the country, while the five largest non-bank servicers have seen their market share grow significantly.
  • Regulators and guarantors with different oversight responsibilities have enhanced rules around consumer facing conduct, operational requirements and capital and liquidity in recent years.  The impacts of these changes are not limited to servicers.
    Consumers are also impacted by servicing due to the interplay between servicing costs and upfront loan pricing.

The full report is available for download here.

Please click here to view the article online.

About Safeguard 
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow.  Website: www.safeguardproperties.com.

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties