LoanCare: Investing in advanced technologies leads to impressive growth

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Supported by parent companies Fidelity National Financial, Inc. (FNF) and ServiceLink, a Black Knight company, LoanCare has invested in advanced technologies that provide end-to-end servicing solutions for a variety of client needs, leading to impressive growth in the last year.

“The overall satisfaction of our clients and a growing recognition of LoanCare in the marketplace contributed to our 20% growth in 2014,” said Gene Ross, LoanCare president.

The company, which has offices in Florida, Texas, Arizona, Kansas, Colorado and Oregon, manages approximately 600,000 loans. LoanCare utilizes Black Knight’s Mortgage Servicing Package (MSP) system, and has more than 35 million loans on the system. MSP uses a robust analytical engine for reporting and performance indicators, provides support services, and gives LoanCare the flexibility to meet needs for any size portfolio.

“With our partnerships with FNF and ServiceLink, we are able to leverage additional unique business needs, which can be all-inclusive or process-centric,” Ross said. “This helps originators, servicers and investors optimize their operation to minimize risk, maximize returns and increase cash flow, all while addressing compliance matters with proven, best-in-class solutions.”

LoanCare’s philosophy is to provide its clients with expanded transparency through proprietary technology solutions, which enables them to monitor portfolio activity daily, as well as to perform servicing oversight functions.

LoanCare offers an online reporting system that provides access to various reporting tools, and clients have the ability to create customized spreadsheets, charts and graphs for their entire portfolio.

“Our portal gives clients the ability to drill down to a granular level that includes balances, comments, notes, workstations and pay histories. The information is refreshed daily and offers historical information for up to two years,” Ross said.

As LoanCare assists its clients in understanding the nuances of the different investor requirements, it helps them manage their business more effectively, said Vicki Brown, senior vice president for client relations.

“The difference at LoanCare is our ability to offer solutions, flexibility and agility to meet the needs of our partners,” she said. “We offer proactive best practices to ensure borrowers and internal partners have an excellent experience from closing to servicing, and to explain the possible effects on the bottom line or relationships.“

For example, LoanCare works with clients on escrow or impound tax due dates in the front-end that match disbursement dates in servicing, which will ensure that the borrower has no unexpected shortages when they are analyzed.

LoanCare also developed reporting for clients in the correspondent space to identify payments not forwarded in a timely manner to prevent customer issues and false delinquencies. Furthermore, the company provides extensive education on Ginnie Mae processes, including buyouts, claims processing, timeline management, and cash flow reporting, to ensure a clear understanding of all of the specifics of the Ginnie Mae or insurer requirements.

“In the last year, we transferred portfolios that were underserved in the loss mitigation and collection areas. We were able to substantially increase loss mitigation workouts, while focusing on collection efforts, which lowered delinquencies, improved standing with regulatory agencies and improved overall cash flow for our clients,” Brown said.

LoanCare has a tenured team of senior managers who build and foster relationships with clients through premium service that provides real results. Additionally, the company is always looking for innovative ways to develop customized subservicing solutions for its clients that help them meet their business objectives.

“Subservicing is our competency and we are a one-stop shop for additional real estate transactions for servicers. We also offer private-label solutions that allow customization for clients. This enhances the borrower relationship by promoting stronger brand recognition, greater retention and increases opportunities for repeat business,” she said.

Providing more opportunity for its clients means that the company’s rapid growth in 2014 is only the beginning, Ross said.

“We are committed to enhancing our processes and continuing to bring innovative technology to the marketplace,” concluded Ross. “We are planning for our continual managed growth by expanding our Virginia Beach and Jacksonville offices. We have capacity, experience and advanced technology, which means that we are prepared to meet any servicing needs now or into the future.”

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