14 Aug, 2020

How Servicers Can Improve Processes in Mortgage Default Processing

How Servicers Can Improve Processes in Mortgage Default Processing

With the rise in forbearance volumes servicers, must rethink their mortgage default servicing operations and technology. Improving the mortgage loan servicing process will help servicers limit losses and keep more borrowers in their homes. Servicers must improve mortgage servicing operations to improve borrower loyalty and stand out from the competition.

According to the Mortgage Bankers’ Association, only 17% of borrowers plan to return to their same mortgage servicer for another loan. Additionally, J.D. Power’s 2019 U.S. Primary Mortgage Servicer Satisfaction Study, stated mortgage servicers were at the bottom of the industries studied with a score of 777 out of 1,000.

Servicers today need to manage a range of incoming communication from borrowers. Having robust technology in place will help servicers to respond to borrowers’ unique needs, on time. This can also provide ample benefits for servicers, such as reduced staff hours and monetary costs, fewer errors, and more seamless operations. It also benefits borrowers, who desire quick, convenient transactions.

At Peoples Processing, we have designed a robust platform for servicers that will help manage the forbearance and other default-related requests with a high level of quality and consistency. It will make sure that every request coming in is allocated to the relevant processor, in time, and SLAs for response are defined clearly. Through the system, servicers can also keep borrowers informed of options, and reassure them. The solution itself rides on robust technology and a unique ticketing system that tracks every request through to its logical closure and tracks SLAs, timelines, and flags compliance issues. Yes, our Mailbox Monitoring Platform does that all.

Many of our clients choose to partner with us as we offer end-to-end mortgage servicing support right from Loan Boarding, mortgage loan modification to managing default operations, and loss mitigation.

Peoples Processing is uniquely positioned to help servicers of all sizes transform and scale their mortgage loan servicing operations. Our robust default mortgage servicing solutions combined with technology-based tools, six-sigma, and ISO-driven processes are designed to reduce costs and deliver exceptional customer experiences. Industry experts with experience across multiple mortgage default servicing platforms ensure rigorous quality and governance through a milestone-based examination of mortgage loan servicing activities. Our hybrid delivery model ensures round the clock support to reduce cycle time and improve customer satisfaction.

At Peoples Processing, we can facilitate a quick and seamless Mailbox Monitoring System to streamline your default processing. We welcome the opportunity to showcase our capabilities and provide you with focused solutions that fit the needs of your mortgage default servicing operations. Reach out to us on marketing@peoplesprocessing.com

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