Just as Airbnb and Lyft radically disrupted the hotel and transportation industries, the mortgage servicing industry is ripe for a technology revolution of its own.

The truth is the proliferation of technology in the mortgage servicing industry is breathing new air to customers that have otherwise experienced nothing more than a great paper exchange – as long as payments are made on time.

Otherwise, your customers are experiencing long call-wait times, and a faceless, emotionless experience. No wonder only 9% of borrowers return to their original lender, according to the Mortgage Bankers Association’s 2018 Servicing Operations Study and Forum. The mortgage industry delivers one of the lowest retention rates of any category. We’re selling homes, not hamburgers and french fries!

Great technology that can deliver great insights and data can be the difference between great customer experience and subpar subservicing.

The technology wave doesn’t just redefine the experience for customers, it can and should redefine the experience for the lender in terms of loan management and portfolio performance. We live in a big data world. And, your portfolio is rich with big data and insights.

From a business standpoint, is your portfolio performing for you and your investors? Are you minimizing your servicing advances?  Are you maximizing net servicing income and mitigating losses? Are you retaining customers, monitoring payment trends, and accessing loan-level customer details on demand? Are you leveraging data to help your customers avoid foreclosure and loss of their home?

Great technology provides great data and insights so your customers can have an amazing experience and you can maximize your portfolio and your business. Make sure you partner with a subservicer who can deliver on that.

Take the Subservicer Health Check to determine where you and your subservicer stack up:

Does your subservicer do this for you…

Give you instant access to daily reports and ability to drill down to loan-level details

Monitor borrower payment habits to avoid delinquencies

Perform escrow analysis early in the loan boarding cycle to help with escrow advances and cash flow

Robust modification practices that help more delinquent borrowers get current while increasing your servicing net income

Utilize an innovative subservicing platform like SIME which offers real-time
transparency into your portfolio

Provide you on demand access to call recordings with your customers

Does your subservicer do this for your customers…

Welcome them when they’re onboarded

Answer their calls in 60 seconds or less

Achieve 80% or higher initial call resolution

Deliver and track a superior customer experience – utilize NPS on every call

Execute specialized outbound outreach campaigns for events, such as natural disasters

Provide a user-friendly, intuitive website to manage their account, including uploading and downloading documents

Deliver ongoing communications and education that help them be successful homeowner

How did your subservicer score?

1-4 Consider why the total was so low. Could you and your customers be happier?

5-8 Not a bad score, but there’s room for improvement

9-13 Sounds like your subservicer is more of a Customer Servicer. Great job! You have happy customers

Didn’t score as well as you thought?

It’s time to take the “subpar” out of subservicing. Partner with someone who can deliver great customer service and loan portfolio management. Because when you settle for 9%, you settle for stale, never fresh service. You deserve repeat customers, and you need someone who understands we’re selling homes.

About the Author

Related Articles

Freddie Mac begins marketing $400 million non-performing loan sale

Freddie Mac recently began marketing a non-performing loan sale with about $400 million in unpaid principle balance. The loans are currently being marketed via five pools: four standard pool offerings and one extended timeline pool offering, which targets participation by smaller investors.

Oct 11, 2019 By

Most Popular Articles

Housing market flashing recession signal

The housing market is signaling there will be an economic recession by the 2020 election, according to Benn Steil, director of international economics at the Council on Foreign Relations. “When income fails to keep pace with home prices, the latter must fall back,” the post said. “Falling home prices, in turn, drive down household spending.”

Oct 11, 2019 By

Latest Articles

CoreLogic: California home sales see worst August in 4 years

Last month, the California Association of Realtors predicted a slow down for the state’s housing market in 2020. According to a recent report by CoreLogic, cooling home sales are already here. In fact, August marked the fewest home sales for that month in four years.

Oct 14, 2019 By