Coronavirus testing loan servicers’ mettle

 

Source: Kevin Wack - American Banker

The U.S. loan servicing industry, easily overlooked during good economic times, is now facing its most challenging moment since the financial crisis of 2008 and 2009.

Seemingly overnight, the COVID-19 pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about the ability of many servicers to stay afloat.

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