The current demand for capacity is forcing everyone in the industry to pick and choose what projects they work on, what products they use, and – most importantly – how their employees are utilized. There are conversations taking place right now about trying to identify bonafide counterparties to partner with.
This is a challenging time for servicers, with somewhat of a perfect storm of increased volumes, pandemic-driven dislocation, capacity constraints and increased regulatory pressures. First American Mortgage Solutions has already been accelerating its client engagements, specifically with partial claims processing, servicing transfers, lien release and assignment activity.
First American Mortgage Solutions made some significant acquisitions in 2020. It closed on its acquisition of Docutech, a leader in the loan origination document space, in March of last year. Docutech has a vision for digitization of this process. Adoption has been a real problem across the industry for a number of reasons, but FAMS saw a need to merge lender docs with settlement agent docs to give borrowers a true end-to-end digital experience.
FAMS also recently announced its intent to acquire subservicing business ServiceMac. Getting closer to servicing will give FAMS insights and acumen in a very highly complex servicing space, as well as an opportunity to accelerate product development and solution innovation for servicers across the country.
FAMS’ technology and AI investments mean its products and services are more consumable when and where its clients need them. First American Mortgage Solutions helps deliver shortened turn times while maintaining compliance for highly regulated processes.