MORTGAGE TECH PRODUCT SHOWCASE
Following the mortgage crisis, non-bank servicers experienced tremendous growth and a radical change toward technology advances. This was driven in part by regulation, but also because investors demanded greater access to information about their loans and consumers demanded a better customer experience, including a quick resolution to problems. Before the crisis, we functioned as gatekeepers to the ownership information of the investor. Now, we give our investors freedom of access to their information.
At LoanCare, our client reporting tool provides over 400 data sets of information that can be filtered using different variables, including viewing an investors loan information at numerous stages of activity. The built-in client report writer allows for nearly 200 fields of data that can be customized, retained and refreshed at any time.
Dynamic Loan View (DLV), a Black Knight Technology Services tool, allows investors to drill down at loan level to see all activity that we at LoanCare use within our functional areas. Clients now have the ability to self-service remotely and at the same time send LoanCare a follow-up or inquiry note within the application. We track those inquiries and escalate them through various functional area teams.
From the consumer standpoint, our borrower portal enables customers to see all activity on their loan, schedule payments and look at their payment history.
In the event that they experience difficulty in staying current with their loan, we offer a built-in home retention site which provides frequently asked questions presented by an “avatar” that addresses ways in which to rehabilitate and retain the loan or go through a liquidation process. Being able to submit a financial statement 24/7 that comes to our SPOC team to begin the loss mitigation process has proven to be an extremely helpful tool.
In the last year, we also introduced the ability for consumers to elect to convert the borrower portal to Spanish, which includes the avatar and even the financial statement.
All of this can be done private label, with a company’s color scheme and logo throughout. Moreover, within our customer service area we have a dedicated team of trained-Spanish speaking representatives.
The introduction of our mobile application has been a positive surprise as usage continues to grow as more customers choose to utilize this convenience feature. They can schedule and make one-time payments, sign up for ACH and see all loan history.
For many in the servicing industry, regulatory changes have required significant investment to change legacy custom systems. At LoanCare, we have been careful not to customize systems to an extent that prevented us from upgrading or moving to new or more modern platforms. We have been and will continue to be committed to having an agile and flexible platform that enables us to change with the regulatory environment and customer and client needs.