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A tech revolution is underway in the mortgage industry as financial institutions look to meet consumer and investor demand for transparency, accountability and efficiency. But agile technology by itself won’t be enough to meet this challenge. To win in this environment, financial institutions need to partner with a trusted subservicer who combines innovative technology with outstanding attention to customer service.

LoanCare, a ServiceLink company, is leading in the development and deployment of customer-focused technology for its clients, which include mortgage companies, capital market investors, credit unions and banks.

Worrall“Our mission is to Exceed the Expectations of the clients for who we service,” said LoanCare President Dave Worrall. “We create brand value for our clients by building enduring, loyal, relationships with their borrowers.”

The value of customer service is instilled from LoanCare’s orientation of new hires to the ongoing training it provides for long-time employees and is emphasized in off-site management meetings, town halls and communications from company executives. It is a pervasive, top-down focus that influences how the company sees its role in helping clients and the consumers they serve. And that approach continues to pay dividends in the kind of innovation the company is known for.

A CLEAR ADVANTAGE

For example, listening to clients and understanding their needs led LoanCare to develop proprietary systems like its borrower portal, MyLoanCare, which is available in English or Spanish.

Borrowers now have an easy way to schedule payments, look at their loan history and ask questions about their loan. The borrower portal features a built-in audio/visual application of an avatar speaking either in English or Spanish and addresses scripted questions when the borrower is experiencing payment challenges. The site also allows the borrower to upload an insurance declaration document to demonstrate collateral coverage and to avoid lender-placed insurance.

This borrower portal can be private label, so that clients build brand value through continued engagement with their borrowers.

And LoanCare’s mobile platform lets borrowers access loan information from smartphones and tablets, improving their experience as they interact with LoanCare on their favorite devices.

Another example of smart solutions is LoanCare’s TeleVoice system, which is available in English and Spanish and provides a complete solution for borrowers to self-serve through a telephone call. However, if the borrower wants to talk to a customer service advocate, they can choose to be transferred to either the company’s English or Spanish team.

“The Spanish-speaking population continues to grow nationwide and we experience that through our call center. Some of our clients have Spanish-speaking mortgage borrowers and have requested we have technology and advocates to address this population,” Worrall said. “We listen to our clients, and hence within our call center we have a dedicated and trained group of advocates conversant in Spanish.”

In fact, the investment in Spanish language services and solutions will be a critical differentiator in the years to come. While the overall homeownership rate in the U.S. continued to drop in 2016, the homeownership rate among Latinos increased to 46%, up from 45.6% the year before.

Latinos were the only ethnic demographic with an increase in their homeownership rate and they also lead the nation in household formations, with a net increase of 330,000 households in 2016.

Providing exceptional customer service to Latinos homeowners will be a game-changer for financial institutions as they seek to increase their reach in this demographic.

MORE INNOVATION AHEAD

Going forward, LoanCare is driving by 2020 to deploy automation in the form of Robotic Process Automation (RPA) scripting, work flow tools and partner automation capabilities. The company is moving to cloud models for several key areas and automating repeatable processes. LoanCare is currently beta testing RPA in one of its functional areas. That knowledge will enable a much broader and informed roll-out.

“Our approach will allow us to place controls around critical business tasks, increase efficiencies, and prepare to scale simultaneously,” Worrall said. “This investment and provocative move will enable our people to do more with less through automation throughout functional operation areas.”