When our friends in the mortgage industry learn that we have created the most advanced, Cloud-based mortgage servicing system, they are often surprised. For the past 40 years or so, they\u2019ve known us as an LOS developer.<\/p>\n
We\u2019ve found that if you want to build a servicing platform that meets the needs of today\u2019s mortgage servicers, it helps to have a few decades of experience in developing new software. That\u2019s true, in part, because most of the servicing software in use in the industry today is about 50 years old.<\/p>\n
Today, we offer the only technology platform in the mortgage industry that can serve a financial institution from the Point of Sale all the way to final disposition of the loan, whether that be a pay-off, short sale or foreclosure.<\/p>\n
It 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\u2019s a glimpse inside the system.<\/p>\n
Key Features of the MortgageFlex Mortgage Servicing System<\/b><\/p>\n
These are the primary features that set the new MortgageFlex serving software apart from anything else on the market today.<\/p>\n
A seamless connection to MortgageFlex One<\/span><\/p>\n There has never been a tighter integration between an LOS and a servicing platform. They were literally designed to work together.<\/p>\n Better Loan Servicing Administration<\/span><\/p>\n 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 name, SSN, address, loan number, MERS number or Investor loan number.<\/p>\n Faster Payments Processing<\/span><\/p>\n 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.<\/p>\n Integrated Collections and Loss Mitigation<\/span><\/p>\n All processing is workflow based and allows the user to create and utilize specific templates. The user can maintain numerous templates, such as state or type of bankruptcy. Process exceptions or date missed are sent to a supervisor exception queue for immediate review. Default statistics are available online and include three months\u2019 trend analysis. Foreclosures are tracked throughout the life cycle. Full REO support from repurchase to disposition are supported.<\/p>\n Effortless Payoff Processing<\/span><\/p>\n 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.<\/p>\n