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Commercial real estate loan servicing costs may rise from “unprecedented” employee turnover at mortgage servicers following the decline of the pandemic, Fitch Ratings says.

However the massive departure of workers so far has not led to any noted declines in servicing proficiency among Fitch-rated primary, master and special servicers. Nor does Fitch expect any ratings implications from experienced service staffers leaving and instead views turnover on a trend-over-time basis. For instance, increased labor costs, the largest portion of servicers’ operating budgets, limit the capital available to invest in new servicing technology initiatives.

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