The Department of Treasury released a report reviewing the implementation of its 2011 guidance containing single point of contact requirements. The report, "Making Contact: The Path to Improving Mortgage Industry Communication with Homeowners," noted that three implementation models have emerged: (1) Direct Model, (2) Pod Model, and (3) Appointment-Based Model. Under the Direct Model, the most common model, an individual SPOC serves as the relationship manager; under the Pod Model, a team of SPOCs is available to assist homeowners in the loan modification process; and under the Appointment-Based Model, a customer service representative takes inbound calls and schedules an appointment with a SPOC. The report also noted that challenges remain in the implementation of SPOC requirements. In particular, the report noted that the effectiveness, assignment timing, staffing and caseload, communications, and compensation and career path for SPOC employees warrants additional review by servicers.
Alert November 27, 2012