Just as Airbnb and Lyft radically disrupted the hotel and transportation industries, the mortgage servicing industry is ripe for a technology revolution of its own.
The truth is the proliferation of technology in the mortgage servicing industry is breathing new air to customers that have otherwise experienced nothing more than a great paper exchange – as long as payments are made on time.
Otherwise, your customers are experiencing long call-wait times, and a faceless, emotionless experience. No wonder only 9% of borrowers return to their original lender, according to the Mortgage Bankers Association’s 2018 Servicing Operations Study and Forum. The mortgage industry delivers one of the lowest retention rates of any category. We’re selling homes, not hamburgers and french fries!
Great technology that can deliver great insights and data can be the difference between great customer experience and subpar subservicing.
The technology wave doesn’t just redefine the experience for customers, it can and should redefine the experience for the lender in terms of loan management and portfolio performance. We live in a big data world. And, your portfolio is rich with big data and insights.
From a business standpoint, is your portfolio performing for you and your investors? Are you minimizing your servicing advances? Are you maximizing net servicing income and mitigating losses? Are you retaining customers, monitoring payment trends, and accessing loan-level customer details on demand? Are you leveraging data to help your customers avoid foreclosure and loss of their home?
Great technology provides great data and insights so your customers can have an amazing experience and you can maximize your portfolio and your business. Make sure you partner with a subservicer who can deliver on that.
Take the Subservicer Health Check to determine where you and your subservicer stack up:
Does your subservicer do this for you…
Give you instant access to daily reports and ability to drill down to loan-level details
Monitor borrower payment habits to avoid delinquencies
Perform escrow analysis early in the loan boarding cycle to help with escrow advances and cash flow
Robust modification practices that help more delinquent borrowers get current while increasing your servicing net income
Utilize an innovative subservicing platform like SIME which offers real-time
transparency into your portfolio
Provide you on demand access to call recordings with your customers
Does your subservicer do this for your customers…
Welcome them when they’re onboarded
Answer their calls in 60 seconds or less
Achieve 80% or higher initial call resolution
Deliver and track a superior customer experience – utilize NPS on every call
Execute specialized outbound outreach campaigns for events, such as natural disasters
Provide a user-friendly, intuitive website to manage their account, including uploading and downloading documents
Deliver ongoing communications and education that help them be successful homeowner
How did your subservicer score?
1-4 Consider why the total was so low. Could you and your customers be happier?
5-8 Not a bad score, but there’s room for improvement
9-13 Sounds like your subservicer is more of a Customer Servicer. Great job! You have happy customers
Didn’t score as well as you thought?
It’s time to take the “subpar” out of subservicing. Partner with someone who can deliver great customer service and loan portfolio management. Because when you settle for 9%, you settle for stale, never fresh service. You deserve repeat customers, and you need someone who understands we’re selling homes.
