What should lenders look for in service solutions?

With interest rates rising and margins squeezed, many lenders are looking to
their service business to increase their income. However, working with outgoing borrowers
forbearance programs add another layer to an already complex process that
could increase costs. Lenders who want to thread the needle between the
the different interests of borrowers, investors and regulators necessitate
mortgage software solutions to achieve their service goals.

New guidelines for investors
Borrowers leaving forbearance plans have a number of options, all of which require
service providers to have a transparent and flexible process for communicating and placing borrowers
in appropriate training plans. At the same time, these options trigger
additional requirements from investors, including declaration of principal and interest
collection activity, collection of funds owed to the investor, resolution of any declaration or
Drafting of discrepancies and reconciliation of custodial accounts.

To make matters even more complicated, the two biggest investors — Fannie Mae
and Freddie Mac — keep on adjust their guidelines in the middle of the unpredictable
nature of the global pandemic. And the stakes are high. Regulators are done
some of the flexibilities they have put in place during the pandemic and put
savvy repairers that they will examine how they handle their double
responsibilities to borrowers and investors.

In this environment, lenders need mortgage management software that automates operations, from payment processing to investor reporting based on
multiple variables.

To increase management efficiency, choose mortgage management software that:

Automate maintenance operations
Automation is essential for efficient maintenance. According to Craig Martinmortgage
practice leader with JD Power and Associates, “interacting with customers more
efficiently – and more efficiently – can reduce costs and increase profits for repairers
whatever the business model, while having the added bonus of improving
Satisfaction.”

Service agents can interact more effectively with borrowers by automating payment processing, escrow administration, and other service tasks with industry-leading tools
mortgage management software and APIs that allow scheduling of recurring tasks. This
allows agents to provide accurate information quickly and gives them more time
to respond quickly to unique borrower needs.

Plus, state-of-the-art mortgage servicing software that integrates with systems
such as the Lending System (LOS) and the central system of a financial institution
allows lenders to sell loans to government-sponsored enterprises (GSEs) while
maintain maintenance. The internal service generates revenue from service fees, provides
sales opportunities, and allows lenders to provide better, more personalized offers
Customer service.

For nearly four decades, FICS has provided state-of-the-art mortgages
service software that meets the needs of managers, investors and borrowers.
Mortgage Servicer Software from FICS—Mortgage Servicer and Commercial Servicer—
automates service operations, improving efficiency and the borrower experience.
mortgage agentour residential maintenance software simplifies payment
process, allows greater flexibility in managing escrow and makes it easier to track
and generate reports and accounts for secondary market investors.

commercial repairman provides full automation and seamless data flow for
service of complex structured loans such as commercial real estate, multifamily,
equipment and construction loans. The flexible business service software
offers comprehensive reporting on accounting and investors, escrow management and
more to simplify the complexities of commercial maintenance.

Includes web apps

According to John Cabellleader of the financial services practice at JD Power, “The
The mortgage market is changing rapidly as traditional players and new
native entrants are strengthening their digital and mobile offerings. » In today’s digital age,
borrowers, especially millennials, expect the mortgage process to be quick, easy,
and transparent. As a result, mobile or online services are important for borrowers
when you access loan information or make mortgage payments.

According to JD Power 2021 US Leading Mortgage Servicer Satisfaction Study,
only 38% of customers said they found the information they wanted on their
service agent’s website in the first two pages. Overall satisfaction decreased by 55%
points when customers had to visit more than two pages. Customers who indicated
they would change lenders if they had the chance and gave these main reasons (in
in addition to better rates): “better customer service” and “easy access to
inquire about my loan.

Web-based applications provide convenient, paperless access to mortgage information.
Using Web Application APIs to Integrate Mortgage Services into a Financial System
home banking or the institution’s mobile application expands the services rendered
available to borrowers, provides convenient access to their mortgage while they
are also engaged with other loan or deposit type products, and helps foster a
long term relationship.

Make mortgage information, statements and payment capabilities available on
the repairer website increases efficiency for borrowers and repairers. A good
the marketing campaign can significantly prevent borrowers from contacting staff directly
for simple requests to easily access this information online 24/7.
Also, encourage borrowers to opt out of receiving paper statements
lowers costs for repairers related to postage, supplies and printing equipment, and
employee time. We’ve all seen costs rise due to the pandemic, so take that
easy step can reduce expenses even more. Additionally, using mortgage management software
and web applications to implement paperless service helps to attract
environmentally conscious borrowers.

Web-based account alerts are an underutilized way to provide
customer service and promote borrower satisfaction. Account alerts can also be used to encourage borrowers to adopt and be more active on web applications.
According to investigationreceive account alerts by SMS, secure
messages on the repairer’s website or email were associated with a high number of customers
Satisfaction.

FICS web applications, Electronic state connection and LoanStatgive borrowers 24/7 online
access their loan information and allow them to make payments online. these
web applications also allow services to send personalized emails to borrowers,
such as encouraging them to opt out of receiving paper statements.

Uses APIs

Application programming interfaces (API) streamline and automate mortgage lending
process for lenders and borrowers, from origination to funding, then expand
this efficiency in service for

Ready boarding
Payment processing
Reporting to investors
Escrow Administration

APIs save time and reduce errors, providing more accurate information and giving
more time to meet the unique needs of borrowers.

Used with a planning tool, the Mortgage Service API and Business Service API
allow repairers to schedule and automate system programs, reports (such as
daytime and month-end) and interfaces, eliminating out-of-hours work.

Mortgage management software that automates maintenance operations and includes the web
apps and APIs increase efficiency, save time and money, and improve
the borrower’s experience. Learn more about FICS software at www.fics.com.

Comments are closed.