While the industry as a whole has been laser-focused on creating digital loan applications to drive leads into their pipeline, TMS laid the foundation for a new way of doing business by focusing on the borrower first. Recognizing the need for innovation in servicing, TMS created a subservicing platform, SIME, Service Intelligence Made Easy, that allows more transparency between lenders and servicers.
“On the origination side, a lender was used to transparency and innovation, but there was nothing like this on the servicing side, only reporting systems that gave snapshots at the end of the month. We decided to step up and fill in the gap by building something that gave the lender full access and transparency into their portfolio in real time,” said Ali Vafai, TMS president.
Rather than just a month-by-month reporting system, SIME tracks all interactions between the borrower and servicer, including payments, escrow, recorded calls, documents and more, all in real time. The platform allows access to all servicing data and information without relying on a response from a subservicer.
“Before SIME, lenders would wait days for their subservicer to get back to them, and in that time, a lot can happen that impacts the borrower and the portfolio,” Vafai said. “And given that a lender’s portfolio is their greatest asset, it’s imperative for them, and their borrowers, to be able to connect.”
TMS recently updated SIME with a new borrower-facing mobile app, TMS Happinest Mobile. Borrowers can communicate with TMS through the app on their schedule and through their preferred line of communication. With the first version of the app, borrowers are able to access their account, view their statements and transaction history, and pay their mortgage.
And for the first time in the servicing industry, borrowers are able to upload and submit documents for their loan directly from a mobile phone. TMS plans to update the app with a 2.0 and 3.0 version throughout the year.
“Subservicing customers greatly appreciate that SIME is a self-service portal, giving them access to everything on demand,” Vafai said. “They’re able to check on their portfolio, gather reports, and check compliance without having to ask.”
Lenders are able to fully brand SIME to their preferences through customer call centers in their brand identity so they remain the face their clients already know and trust. SIME is custom-built for servicing compliance requirements and houses data in a way that is simple to report for compliance audits.
With SIME’s tracking abilities, lenders can also stay on top of delinquent loans and utilize unique management solutions to create portfolio projections to ensure the safety of their business.
SIME also increases revenue for lenders by reducing inefficiencies and increasing productivity.
“Overall, SIME is a game-changer for the industry because it is like the nanny cam for servicing. In the past, parents would drop their kids off at daycare, and they had no idea what their kid was doing. Similarly, when you gave your loan to a servicer, you had no idea how well they were taking care of the loan.
“With the invention of the nanny cam, parents could finally see everything that was really going on with their child and how well they were being cared for. SIME does the same thing for lenders. It provides a real-time look into your portfolio to see how it’s performing so you can proactively manage your borrowers,” Vafai said.
PRODUCT: SIME
SNAPSHOT: SIME disrupted the servicing industry with its bold new approach to servicing. The award-winning loan servicing platform provides full transparency into a lender’s loan portfolio, offering reliable and unheard-of oversight tools. Lenders finally have real-time access to their most valuable asset, along with all interactions between the borrower and servicer.
