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“LenderLive’s unique value proposition is that our clients can initially partner with one business line and then grow into our additional services. For example, they can start with loan servicing and expand into origination fulfillment, document management and correspondent lending. This reduces their vendor management resources, compliance risk and overall cost of ownership throughout the entire mortgage lifecycle,” said Rick Seehausen, chief executive officer of LenderLive.
“LenderLive’s loan servicing segment has become one of the fastest-growing loan servicers in the industry, growing our portfolio by 10X last year,” said Seehausen. As a hybrid servicer, LenderLive provides both private-label subservicing of performing loans and special servicing for non-performing assets. Their exclusive combination of services, skills, and blend of off-the-shelf and proprietary technology empowers the company to offer a more customized, high-touch experience for borrowers and a uniquely client-tailored servicing solution.
“Much of our new business is coming from mid-tier lenders who have concluded that the traditional subservicing model is broken,” said Dave Vida, president of LenderLive’s mortgage services. “They are reacting to the lack of responsiveness, customer service and transparency, in terms of data, reporting and costs, that they have experienced.
“These clients are looking for a partner that’s a better fit for their changing business models: one that can offer customized, high-touch services, at a predictable cost, for both their performing and delinquent assets,” Vida said.
In-house servicing has become increasingly difficult to justify in light of high compliance and staffing costs in today’s market. As a result, mid-sized lenders, community banks and credit unions are seeking viable subservicing alternatives.
“Compliance is a huge issue within the servicing community. It is driving up costs, and causing servicers to make significant, ongoing investments in both staff and technology,” Vida said.
Because LenderLive is more than a loan servicing company, we can spread compliance costs across all six business lines, bringing economies of scale and savings to clients. This advantage gives us the ability to invest in current technology and experienced staff to ensure full compliance with CFPB, GSE and state/federal guidelines without loan servicing or any single business bearing all of the costs.
Within the servicing sector, LenderLive believes there is a significant opportunity to work with large banks looking to reduce their servicing exposure and with small to midsize lenders, community banks and credit unions looking for a better fit—both culturally and economically—than they have with their incumbent subservicers.
And with the company’s recently announced new capital sponsor, LenderLive will be able to make new investments in its business, including enhancements to its technology and infrastructure to improve processes and productivity.
“Our clients appreciate the difference between our team and traditional subservicers,” Vida said. “Our staffing levels provide a higher level of engagement with our clients, offering greater transparency into both our interaction with their borrowers and the cost/benefits of partnering with LenderLive.”
Rick Seehausen is co-founder and CEO of Denver-based LenderLive Network Inc. He provides the overall strategic guidance and manages the company’s operating activities, including information technology, operations, finance and marketing.
With more than 30 years of experience, Seehausen has had a successful career in consumer finance, mortgage lending and technology. He began this career at Citicorp Acceptance Corporation, and has held management positions at FirstPlus Financial, Inc., Mortgage Plus and City National Bank.
Before joining LenderLive, Seehausen founded Preserv Financial Inc., a full-service mortgage banking company. Seehausen also created Originator, a mortgage enterprise solution used to automate loan processing and closing.
David Vida is president of LenderLive’s mortgage services and acts as chief strategy officer of Denver-based LenderLive Network Inc.
Vida has more than 27 years of experience in mortgage banking, working for both large publicly traded companies and start-ups. During his career, Vida has built and run numerous loan servicing and origination companies.
Prior to joining LenderLive, Vida founded and was CEO of Acqura Loan Services and Strategic Recovery Group. He was also CEO of Master Financial Inc. and held senior positions at H&R Block Mortgage and Option One Mortgage Corporation.
Vida was president and co-founder of City Mortgage Services, building a large national servicing and correspondent lending division. He started his career with KPMG Peat Marwick as an auditor and consultant.