Tired of subservicers stuck in the stone age, TMS discovered the enormous need for disruption in the servicing industry and decided to turn the category on its head with the introduction of SIME – Servicing Intelligence Made Easy – the only subservicing solution that finally puts the lender and borrower first.
As the rest of the home finance market focuses on innovating the origination process, launching end-to-end digital mortgages, TMS has reimagined where the borrower lives the longest — the servicing side.
The relationship with the borrower extends well beyond the few weeks it takes to get to the closing table. Lenders boast that they can close a loan in less than a month but turn a blind eye to the 30 years that the borrower will be making payments on the loan.
According to research TMS conducted, two thirds of lenders reported working with their subservicer feels like pulling teeth when they request portfolio reports, 87% equated handing their portfolio to a subservicer to handing their firstborn over to a pack of wolves. 100% reported need for improvement in subservicing.
“We painstakingly worked with the three different subservicers, who were all extremely slow with antiquated technology and poor customer service,” said Ali Vafai, president of TMS. “We want a lifetime relationship with our borrowers and decided we wouldn’t put up with it anymore, so we built our own award-winning technology and servicing platform.”
The new normal in subservicing
Out of need for change, TMS introduced SIME – real-time and real-touch access to your customers and portfolio management. SIME sets a new technological standard in the industry that offers transparency, customizable reports, protecting a lender’s most powerful asset: the borrower.
While other servicing platforms offer reporting queries, SIME is the only platform that provides a centralized location for all critical loan information, including escrow analysis, call logs, and call recordings that can be downloaded in seconds.
SIME users can get in-depth borrower reports and as many custom reports as desired, access a real-time dashboard that with trends and data, and even get ahead of a borrower who is in jeopardy of going delinquent or is prime for a refi.
Taking care of your most powerful asset
Redefining the servicing process starts with the user experience – for both the lender and borrower.
Great customer care agents combined with real-time technology allows lenders to keep customer relationships on track. SIME customer care agents are lender/brand trained to deliver customized brand experiences as an extension of the lender with short call wait times and 80% one-call solutions.
“Going with SIME was the best decision we ever made with our servicing portfolio. Now I know that my customers are well taken care of,” said Steven Stone, vice president at Oceanside Mortgage Company. “My customer call wait times are less than 60 seconds. And no more waiting 50-60 days for delinquency reports. I view customer reports in real time every day.”
With the spring 2018 release of the TMS mobile app, the company will be the first digital servicer. Borrowers will be able to make payments from their phone, receive text notifications, and access future enhanced product offerings such as buy/sell your home with cash back or tips and offers to maintain your home which will put the lender and the borrower in sync.
“If a lender’s subservicer isn’t delivering an exceptional customer experience, the borrower won’t be a customer of theirs for long and will shut the door to cross-sell,” said Vafai. “The opportunity for a total home ownership relationship is huge.”
The good news is that with SIME, the industry doesn’t have to settle anymore. SIME proves that not only is technology critical to staying ahead of industry regulations, it’s a crucial element in providing a state-of-the-art borrower experience.