The Many Advantages of a Unified Platform

As the industry continues to work its way through this most recent downturn, plenty has been written about the advantages lenders have when they service their own loans. This additional source of revenue has made a huge difference for these firms over the past 18 months or so.

In the past, lenders couldn’t handle this work, even if they had the staff, without first investing in a new platform to manage the portfolio. The industry’s largest players offered expensive platforms with high monthly maintenance fees that put servicing loans well beyond the capabilities of many lenders.

Never before in the history of the mortgage industry has a single technology developer provided an enterprise scale loan origination system with a companion mortgage servicing platform.

Those days are now over.

Unlocking advantages with a unified platform

When MortgageFlex set out to build the first unified origination and servicing platform, one of our primary motivations was to provide a seamless and frictionless handoff of the mortgage asset from origination to servicing. We accomplished that and, as a result, unlocked many additional benefits for both the lender and the mortgage servicer.

We wrote about it in some detail in our newest White Paper you can get on our website now. Those advantages include:

A better experience

By reducing or eliminating friction on both sides of the house and getting the handoff from origination to servicing perfect, we created a better experience for both the borrower and the lender’s employees.

Better portfolio retention

Keeping borrowers in portfolio by reducing churn became much easier when we gave the mortgage servicer access to next-generation origination software. It’s partly due to the experience, but also the data analytics.

Better technical support

When two systems that must be integrated come from different developers, it’s very easy for them to point fingers at each other for problems and cost overruns. That can’t happen when one technology partner provides both.

But those benefits were just the beginning.

The additional benefits a unified platform unlocks

Once the lender clears the technology hurdle and can actually go to work on the servicing side of the business, many more benefits become available.

In addition to the income that banks can earn from servicing mortgage loans, they can also benefit from the following:

Reduced risk

When banks service their own loans, they have more control over the process and are less likely to lose money if a borrower defaults. They also tend to know their borrowers better and have better information to help borrowers deal with problems that push them into delinquency.

Improved customer relationships

Banks that service their own loans have the opportunity to build stronger relationships with their customers because it forces them out of the traditional mortgage banking transactional mindset. This can lead to repeat business and referrals.

Data insights

Banks that service their own loans have access to valuable data about their customers. This data can be used to improve products and services, target marketing campaigns, and make better lending decisions.

Learn more by downloading the free White Paper, available now on our website.

The bottom line is if you’re a bank, community bank or credit union, you should be involved in mortgage lending and servicing and you should be using the best software available. We’d love to show you the industry’s first and only unified platform for loan origination and mortgage servicing.

Schedule your demo today by visiting MortgageFlex online or by calling John McCrea at 1-860-460-7418.