Servicing has historically been an extremely complex and inefficient process for servicers and borrowers. As the housing ecosystem continues to evolve with the growth of automation, servicers need better and more streamlined resources to work smarter, not harder, to help borrowers maintain the dream of homeownership.
To help servicers tap into the revolutionary benefits of digital innovation, Freddie Mac launched a new initiative at the beginning of the year called Reimagine Servicing. Under this umbrella, Freddie Mac pledged its commitment to upgrading numerous servicing technology tools, processes and policies — all with the goal of minimizing credit losses, reducing costs and transforming the client experience.
Freddie Mac’s Single-Family division offers unmatched risk analysis, sophisticated data modeling and intelligent process automation to help clients succeed.
Delivering on this goal, Freddie Mac recently announced its new technology product, Servicing Gateway. The solution offers one platform, one login, and one doorway to Freddie Mac servicing tools, and is a launchpad to – as well as reflective of the enterprise’s commitment to – servicing technology innovation.
Eliminating a lot of the steps that servicers are required to go through, Servicing Gateway provides workflow efficiency to servicers for Freddie Mac loans.
The new user experience, ease of access to various tools, and fewer process steps all create a better workflow for servicers, giving them more information upfront and putting time back in their day to focus on higher priorities.
Servicing Gateway harnesses the power of new technology and takes it to the next level by delivering an entirely new way of working.
It’s a smart solution to the challenge of working inefficiently and enhances its relationship with servicing clients by making it easier to service loans, communicate and share information.
As innovative, large-scale solutions are developed, Freddie Mac is right there to work on new solutions for clients. They learn from and collaborate with clients as they make improvements, striving to develop solutions that resolve pain points while discovering opportunities to run effective and profitable businesses that move housing forward.
Freddie Mac is dedicated to pursuing big ideas like the Servicing Gateway, as well as implementing smart, smaller enhancement opportunities as they are revealed by clients’ portfolios, which often include the smallest details, like removing redundant processes or outdated policies.
Servicing Gateway is only one milestone in its ambitious Reimagine Servicing roadmap, as it continues to work on many enhancements and emerging technologies in the pipeline.
For example, servicers value getting money back quickly and seamlessly, so Freddie Mac plans to release an enhanced experience for submitting expenses for reimbursement late next year.
Looking further ahead, Freddie Mac is also invested in rethinking traditional loss mitigation.
Redesigning loss mitigation is more than delivering value to servicers; it incorporates value to the homeowner as well. Freddie Mac is looking into expedited decisioning and more options to accommodate various types of homeowner delinquencies.
Freddie Mac remains committed to carrying this strong momentum into the new year, as it reimagines servicing, celebrates victories big and small, and aims even higher.
Andy Higginbotham, Chief Operating Officer, Single-Family Division
Andy Higginbotham joined Freddie Mac in 2015. He has over 30 years of mortgage industry experience. Higginbotham leads several multiyear initiatives focused on transforming Freddie Mac’s business, including Freddie Mac Loan AdvisorSM, pricing execution, the Common Securitization Platform, Single Security and Reimagine ServicingSM.
Ken Burke, Vice President of Servicing Operations, Single-Family Division
Ken Burke joined Freddie Mac in 2011. He leads a team that oversees servicing operation activities including investor reporting, default fees and claims, non-performing loans, and real-estate owned management. Burke is responsible for managing cash inflow and accurate and timely reporting on the Freddie Mac portfolio and loss mitigation and foreclosure activities.