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Scalable subservicing technology fuels LoanCare’s growth

Company provides real-time access to servicing data

HousingWire sat down with LoanCare President Dave Worrall to talk about the company’s incredible growth — and what’s next.

Q. What kind of growth has LoanCare experienced over the past several years?

worrallA. Over the past three to four years, we have gone from half a million loans to nearly 1.5 million loans. LoanCare has managed this growth in a responsible way by building out operational capacity, an experienced management team and an appropriate risk and compliance infrastructure to support bank-level oversight and compliance/risk requirements.

Q. How is LoanCare achieving this kind of growth in such a competitive market?

A. We have seen an increase in the use of subservicers in the marketplace over the past couple of years as the cost and regulatory burden of servicing has increased. Clients are finding LoanCare appealing because of its scalable subservicing technology, focus on providing a best-in-class customer experience and real-time access to servicing data for its clients.

Q. What sets LoanCare apart from other subservicers?

A. LoanCare has and continues to invest tremendously in mobile, web, wearable, voice/smart home and other digital technologies and believes this, combined with our high-quality customer service agents, provides a superior customer experience not matched in the industry.

Additionally, real-time access to servicing data is extremely important to LoanCare’s clients. The company has developed a cloud-based data warehouse to store every data field captured by its servicing system, which represents over 11,000 fields of data. LoanCare can then deliver this organized data to its clients through scheduled reporting in addition to providing clients with access to a client-specific data warehouse.

LoanCare is committed to working with our clients on portfolio defense and private label marketing efforts, whether through phone transfers, mailer inserts, banners on the website and mobile application, or other specific initiatives. 

Finally, LoanCare has very strong third-party servicer ratings, which not only measure operational expertise but financial strength as well.

Q. What role does tech innovation play in LoanCare’s success?

A. Innovation and technology play a huge role in our success. We believe the future of mortgage servicing lies in mobile application, web, wearable and voice/smart home technologies in which customers are able to access real-time information and manage all aspects of their accounts. 

In line with this belief, LoanCare, in conjunction with ServiceLink’s EXOS Technologies, has developed industry-leading mobile, web wearable and voice/smart home applications that give customers the ability to self-service at their own convenience. These applications can be fully customized and private-labeled to promote brand awareness. 

Q. What’s next for LoanCare?

A. I am extremely excited about the future of LoanCare. Our investments in the customer experience and client reporting will not stop and are critical to our success. From a product side, we have expanded to include HELOC subservicing and have our own eVault for eNote subservicing. LoanCare will continue to grow those platforms and look for other growth opportunities outside the traditional roles of subservicing.

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