Mortgage servicing is complex, expensive and risky, involving a heavy compliance burden. Many servicers today rely on a legacy patchwork quilt of systems with disconnected processes, data and teams.
What servicers need on the back end is plug-in technology that delivers value quickly and easily. They need technology that provides out-of-the-box solutions, that can easily pull and push data from the servicing and third-party platforms, that can keep pace with regulatory changes – and that combines all of those functions with easy-to-use, multichannel journeys for borrowers.
Aspen Grove Solutions delivers all of this to its customers.
Aspen Grove orchestrates and synchronizes servicing. Many servicers have functional solutions in some areas but are challenged by multiple systems and disconnected teams. Aspen Grove eliminates this friction by creating one file and orchestrating across existing systems and servicing platforms end-to-end.
Using Aspen Grove, servicers can eliminate and streamline systems and processes that don’t work well, keep systems that do and integrate all servicing. One file equals one source of truth. It also eliminates more manual checklists, disconnected processes, process breaks, compliance issues and costly hold-ups to servicing. Team members using Aspen can process more files, are more productive and are presented with exceptions to manage.
Here’s how Aspen Grove synchronizes servicing operations across systems and across teams with one file:
- Eliminates process breaks: With synchronization of all processes across the asset, every task is automated or presented to the team as an exception to act upon.
- Implements automation and integration: Automates rules to keep the file moving and serve up exceptions for the team to act upon. Pulls and pushes key data from and to existing systems to ensure the work is flowing across teams and across systems properly.
- Normalizes data: Uses a single data model across servicing systems, enabling portfolio analysis and management reporting.
- Auto-scales: Cloud-native micro-services architecture enables scalability.
- Partnership model: Aspen Grove is with its clients every step of the way.
Aspen Grove has deep DNA in servicing technology. While working with its clients for more than 25 years, the company has learned what’s required from a technology platform to eliminate process breaks in servicing, ensure compliance and save time and money.
With more than 200 industry integrations, Aspen has already done the heavy lifting for ease of connectivity and seamless, easy integration. Users can get their system up and running in weeks with a mortgage servicing solution that synchronizes operations, streamlines workflow and improves servicing outcomes for all stakeholders.
Aspen Grove offers products and modules that include:
- Life of Loan Servicing & Borrower Engagement
- Loss Mitigation
- Bankruptcy and Foreclosure
- Inspection and Preservation
- Property Registration and Deregistration
- Hazard Claims
- Capital Repairs
- Advance Tracking
According to Aspen Grove’s analysis, there will be an uptick in defaults in 2023/2024. While no one should expect a tsunami, servicers can still act to implement Aspen to mitigate costs and risk across servicing as the uptick occurs.