DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1481911
70 platform also helps take servicers on the journey with their homeowners to create a deeper sense of empathy. First, they can understand the customer experience—how customers are interacting with the servicer about their loans, why customers call into customer service, what types of online interactions are occurring, who needs assistance, and if they are being helped to their satisfaction. Understanding these situations is vital to helping cross-functional teams adjust the way they engage with customers. Simultaneously, a servicer is working with its business clients, using oversight data each day to understand what's happening within the portfolio itself. e fact is, not all clients are the same. ey each have different objectives, goals, and service level agreements (SLAs). at said, at the end of the day, they are all interested in the same core objectives to: » Enhance the customer experience » Streamline operations to improve cash flow and performance » Successfully meet state, investor, and regulatory guidelines A best-in-class data analytics platform drives the quest to address all three of these objectives daily. e most advanced servicers can deliver transparency across all components of the servicing operation at any point of time or workflow. ese insights empower employees with smarter decisions to optimize performance, identify opportunities, and mitigate risk for homeowners and clients alike. 3. COLLABORATE THROUGH TRANSPARENCY When there is transparency between servicers and clients, meaningful conversations can take place regarding asset performance, portfolio objectives, and risk mitigation. It is often in these collaborative discussions that product, service, and experience innovation happen. e magic created further advances the outcome, maximizes the partnership, and enables extraordinary results. Monitoring is how transparency is achieved. With proper tracking, high-value KPIs shine a light on where objectives are being met for onboarding, loss mitigation, claims processes, and payments. For example, instead of simply providing counts based on loan products like FHA, context is provided with items such as escrow, tax and insurance management, location, natural disaster, loss mitigation or collections process maps, etc. It's about ensuring there is visibility and access to the details needed to understand status and make decisions. Equally important is that both servicers and clients have the same visibility and data metrics to manage their portfolios most effectively together. Case in point: loan onboarding is a highly collaborative activity with significant dependency on the origination closing process. One of the most important KPIs to customer experience is a smooth onboarding experience with efficient processes and compliant to all regulations. is complex process must be delivered in the frictionless manner that customers expect, which, in turn, builds loyalty. Being able to track all the moving parts, documentation, insurance, and escrow taxes, as well as knowing where they are at any point in the process, is invaluable to both the lender and servicer to keep things running smoothly in their collaboration. At the same time, there's only so much one can do when inaccurate or inadequate information is received. Proprietary tools such as LoanCare Document Tracker™, akin to Domino's Pizza Tracker, keeps tabs on what's happening with the data. e operation is able to understand status and gaps during the transition process to immediately address issues down to the loan level for faster resolution. Similarly for homeowners, a servicer can initiate a positive engagement with new customers even before the bulk loan transfer takes place. Using a data-driven set of communications, servicers can notify customers where they are throughout the onboarding process to give a better understanding of what's happening with their loans, check on status of their accounts, find payment information, and access frequently asked questions. WHAT OTHER TYPES OF DATA- DRIVEN TECHNOLOGY ARE ADDING VALUE? We are seeing increased requests for LoanCare ABM™, an account-based marketing program that targets messaging and content and offers to homeowners with the highest When there is transparency between servicers and clients, meaningful conversations can take place regarding asset performance, portfolio objectives, and risk mitigation. Feature By: Jerry McCoy