The Functionality Servicers Need Now
After the Mortgage Bankers Association released data during its Independent Mortgage Bankers conference showing that IMBs that were not servicing their own loans had a much lower chance of achieving profitability, our phones have been ringing.
It was that big of a revelation. Most of the lenders who are still in the market today know that without additional revenue, they won’t be able to hold out for much longer. Unless rates come down very soon, which no one is predicting, they’re going to need to get creative and find new sources of revenue.
Vendors can sense this and so we’ve been seeing plenty of messages about the availability of cloud-native, unified platforms for mortgage origination and servicing. Those claims should be investigated very carefully.
As far as we know, MortgageFlex was the first cloud-native solution that provided functionality for both origination and servicing. We’re offering the only platform that unifies both sides on the same database of record. If you want to make servicing simple, there is no better platform available.
And that’s before we talk about the tools built into our software. So, let’s talk about that.
The functionality servicers are asking for now
We’ve found that if you want to build a servicing platform that meets the needs of today’s mortgage servicers, it helps to have a few decades of experience in developing new software. Our software works because we built in the features servicers need now and made it easy for them to add new ones when future needs require it.
Here’s a glimpse at the primary features that set the new MortgageFlex serving software apart from anything else on the market today.
A seamless connection to MortgageFlexONE
There has never been a tighter integration between an LOS and a servicing platform. They were literally designed to work together and work off a single database. It’s as friction-free as it could possibly be.
Better Loan Servicing Administration
Servicers can bill monthly and via coupon book and can automatically generate new servicer notifications. The servicer can communicate with the borrower via telephone, fax or email. Individual loans can be found in the system by searching for borrower’s name, SSN, address, loan number, MERS number or Investor loan number.
Faster Payments Processing
Payment application logic follows Fannie Mae standards. Audit trails are maintained by the system to identify all activities. Detailed information, including data, time, and source (employee, agent, or external process) is kept in maintenance and payment history files. Late charges are calculated automatically and can be waived or deferred.
Integrated Collections and Loss Mitigation
All processing is workflow based and allows the user to create and utilize specific functions. The user can maintain numerous function profiles, that are controlled with rules such as type of collection activity. Process exceptions or dates missed are sent to a supervisor exception queue for immediate review. Default statistics are available online and include three months’ trend analysis. Foreclosures are tracked throughout the life cycle. Full REO support from repurchase to disposition are supported.
Effortless Payoff Processing
The payoff screen calculates all amounts due including fees and daily interest, and gives the user the option to net escrows against the payoff or return escrow balances separately. Multiple payees of all types are supported, and Tax IDs, names and PMI numbers are all tracked. PMI and MIP premiums are calculated as well as insurance renewals.
Investor Reporting
MortgageFlex Servicing supports all investor requirements, including FannieMae Laser, FreddieMac Midanet, private MBS (Wells, Morgan Stanley, Lehman Brothers), single debit, and state reporting.
Year-end Process
The system generates IRS, state-compliant annual statements, RESPA, and investor requirements including 1098 and 1099 statements and tapes.
Loan Types
Servicing fully supports a broad menu of mortgage loans, including fixed and ARM loans, with balloon payments, HELOCs, and negative amortizing loans. In addition, it can service chattel and consumer loans.
And there’s more. If you’re ready to earn more revenue from every mortgage loan you originate, it’s time to see the MortgageFlex servicing platform in action. Visit MortgageFlex or reach out to John McCrea, today at 1-860-460-7418 for a live demo.