19 April 2023By Tarrah Mueller, Senior Vice President, Director - Servicing Business Development, NorthmarqREAL ESTATE TRANSACTION MANAGEMENT: SHARE KNOWLEDGE AND EXPERIENCES WITH PEERS WHO ARE LOOKING FOR DIRECTIONAL SUPPORT.INSIGHTSCXOA. What are some of the major challenges and trends that have been impacting the Real Estate Industry lately? a. From a loan servicing perspective:i. Challenges1. Customer service experience for lenders is declining. Service providers are placing less focus on the relationship after loan closing. Lenders must make their programs fit into the established box of the servicer, rather than customizing for their business platform. As a basic example, loan servicing contacts are distribution lists, rather than a designated contact for the term of the loan.2.Property insurance risk management is a complex piece of loan servicing. The commercial property insurance industry is incredibly specialized, its own industry withing the commercial mortgage loan servicing industry. Lenders and servicers are often lacking expertise in-house.ii.Trends1. Lenders are combining loans with servicers to create efficiencies for their lending team. The commercial mortgage loan teams within investments groups often run lean and need to maximize efficiency while managing mortgage banking relationships. One way to create efficiencies is to standardize the information received from loan servicers by using one or fewer service providers.2. Streamlined, prompt access to data for lenders is important. Every lender needs data, spanning from detailed loan information to high level portfolio reporting and analysis. Meeting lender requirements to supply data at each stage of their technology journey is challenging.B. NEW: How are you addressing these challenges and trends? a. Northmarq's loan servicing and asset management team's greatest strength is our premier customer service. We customize our service to our lenders by assigning designated contacts for portfolio and asset management, as well as insurance. We want our lenders to know who to call at a moment's notice. We have an industry leading insurance team with deep knowledge and ability for risk management of our portfolio. We are constantly working with our existing lenders to deliver data in a way that is meaningful for them, including customized reports, automated delivery, and portal access. Our lenders say they value the responsiveness of their Northmarq servicing contacts. "Our contact consistently does an excellent job on our portfolio. She knows the loans, remembers each unique quirk, and writes thorough explanations and narratives." Quite simply, we service each lender's Tarrah Mueller
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