So how do you manage the intake of multiple files containing between 500 and 1,500 pages per file efficiently and without causing the process to stall due to discrepancies?

At PrivoCorp, we have been handling this very efficiently for our servicer clients and our approach is as follows: loan onboarding and servicing process

• Check for duplicate documents – We are focused on improving the efficiency of loan servicing for you. When one is already dealing with up to 1500 pages, it is critical that duplicate documents are identified right in the beginning and removed.
• Organize documents by document type –  We leverage technology to assess documents and arrange them by document type which makes everyone’s job easier when scrutinizing loan documents.
• Document relevance – We determine the most recent version of each document and eliminate old and redundant ones.
• Leverage technology – We extract important information by leveraging OCR/ICR tools. This helps speed up the process in a reliable and efficient way.
• Documentation scrutiny – Our experienced team has expertise in identifying missing documents upfront and fetching them from the borrower.
• Data quality – Once we have done a thorough analysis of the customer documents, we reconcile data and get it ready in a systematic way for underwriting/loan modification to ensure it passes the underwriter’s scrutiny.

Our motto:

We are committed to improving our clients’ business. We are your partners in significantly improving your service, customer outlook, and loan closing ratios. With our domain expertise in residential loan mortgage, our attention to detail, robust process framework, we ensure that loan modification applications pass the underwriter’s scrutiny.

The difference with us:

We have an internal process framework for loan servicing that ensures efficient and streamlined loan servicing processing. By leveraging integrated and automated systems and smartly combining it with human expertise, we are able to build high efficiency and productivity in scrutinizing loan applications. We have a team of experienced processing team that focuses on the quality of every loan application before it is submitted to the authorities, helping you save valuable man-hours and money.

Increased loan modification requirements due to black swan events like Covid-19:

With the outbreak of Covid-19, there has been a huge surge in loan default and loan modification requests. Lenders cannot possibly increase their capacity to process these applications overnight. This is where our expertise and ability to scale comes into play. By relying on the modern technologies and the skills of our experienced team, we have the solutions to meet your increased need for loan servicing. We play an instrumental role in helping provide seamless service to our origination and servicing clients.

Key benefits:

• Significant cost saving by making loan servicing more efficient
• Streamline lengthy and complicated processes for the customer
• Ability to offer time advantage by working round the clock
• Enabling you to focus on core areas while we take care of the process aspects
• Helping you build additional and flexible capacity for loan servicing without putting additional cost burden on you
• Delivering a superior customer experience by improving turnaround time

Conclusion:

Lenders increasingly need a reliable and scalable team to help them in their loan servicing endeavours.  This is where PrivoCorp comes in. With our robust processes, domain expertise, technology-driven automation, and a team of experts, we will fulfil your loan servicing needs in the most efficient and productive manner possible. We are committed to improving your customer outlook and hugely improving your loan servicing experience.

The post Streamlining Loan Onboarding and Servicing Process first appeared on PrivoCorp.

As per CFPB acting director Dave Uejio, the proposed changes “will ensure servicers and borrowers have the tools and time to work together to prevent avoidable foreclosures, which disrupt lives and inflict further costs on those least able to bear them.” According to the CFPB, nearly 3 million homeowners have fallen behind on mortgage payments.

While this step is a move in the right direction, there are experts who argue that it’s still not enough to address the oncoming surge in foreclosures. The times are still challenging, and more mortgage holders are behind on payments than at any time since 2010, according to the Bureau.

The Federal Housing Agencies’ foreclosure moratorium on federally backed mortgages expires on June 30. After that, there are chances that banks and servicers may not be able to afford to grant deferrals and to take a hit on their bottom lines. Eventually, it is likely that some families may end up losing their homes considering that with reduced or no incomes, many Americans may not be able to afford their housing payments.

Overall, foreclosure is not a preferred option either for borrowers or servicers since it is a time-consuming and expensive process. According to a 2020 working paper from Stanford University, foreclosures have a long-term impact on people’s financial health, including loss of assets and missed payments on other forms of debt.

However, there will likely be a time in the future when loan modifications will start rising up and servicers may not have the capacities to suddenly increase scale. It is necessary that they are prepared ahead of time to respond to the situation. Associating with the right external parties is a solution to quickly ramp up capacity. This way, when the time comes to scale down, servicers will not be required to incur additional fixed costs.

Servicers can join hands with the right kind of partners who can help manage the operational challenges of loan modification and loss mitigation through more efficient, coordinated, and streamlined efforts. These partners can help with customized technology and infrastructure to aid mortgage service companies in enhancing their operational efficiencies during foreclosures. They can offer competent and scalable support tuned to the exact requirements of servicers in streamlining the loan modification process.

Moreover, joining hands with a partner means default access to the latest technology. When the volume of foreclosures and loan modification requests goes up, it is necessary that servicers have access to strong technology platforms that can offer superior customer experience and accuracy in decisions.

Here are some ways in which the right partnerships can significantly streamline servicing to help meet the increasing demands for loan modifications, while also improving customer experience:

Automated Request Allocation

As the number of forbearance or loan modification requests starts piling up, servicers will need to manage a series of incoming communication from borrowers. These could be requests related to forbearance, default, or other routine requests/complaints.  A robust mechanism is a must-have to sort through these incoming requests, and then allocate them to relevant processors.

Solutions like a smartly designed Mailbox Monitoring system can help servicers manage forbearance and other default-related requests with a high level of quality and consistency. Such platforms can ensure that every request coming in is allocated to the relevant processor, in time and SLAs for response are defined clearly.

Engage With Borrowers on Loan Modifications

With larger loan applications come aspects like stricter deadlines, more documentation, and rigid compliance regulations. It is important to comprehensively communicate with borrowers and take them into confidence so that the process remains smooth and easy. Even the CFPB has proposed that servicers should engage with borrowers and inform them about the options available to them.

Third-party partners can engage with borrowers regularly on behalf of servicers and ensure that the flow of communication is consistent.

Pre-Underwriting Assistance

Underwriting is a critical aspect of the loan modification process as underwriters are the first line of defense against unscrupulous borrowers. For this, all the documentation is required to be right, to prepare ahead for underwriting. Third-party partners can conduct the process of reviewing a loan file before sending it ahead to identify anomalies early on. They can handle the verification of all information supplied by borrowers by engaging effectively with them. They also provide vital pre-underwriting support services.

Companies like PrivoCorp are prepared to assist servicers by offering expert assistance with loan modification processes. We help servicers establish streamlined workflows to efficiently meet the rising volume of loan modification and loss mitigation demands through standardized processes. Get in touch with us today. To connect further with PrivoCorp, you can get in touch at marketing@privocorp.com

default-servicing-loss-mitigation   

The post Preparing for Foreclosures – Are Servicers Ready? first appeared on PrivoCorp.

As of January 2021, over 2.7 million consumers were still in forbearance programs while 2.1 million consumers were in forbearance and at least 90 days delinquent on mortgage payments. As per other reports, nationwide, one in every 4,078 housing units had a foreclosure filing in Q1 2021. States like Delaware clocked in the highest foreclosure rates where one in every 1,705 housing units had a foreclosure filing.

The CFPB has urged servicers “to dedicate sufficient resources and staff to ensure they can communicate clearly with borrowers, effectively manage borrower requests for assistance, and promote loss mitigation.” The Bureau will also be holding mortgage servicers accountable for complying with Regulation X with the aim of ensuring that homeowners have the opportunity to be evaluated for loss mitigation prior to the initiation of foreclosure.

To this end, the CFPB has suggested certain steps that mortgage servicers can follow in order to limit foreclosures:

1. Providing clear and readily understandable information to borrowers about their options for payment assistance:
2. Complying with the outreach requirements in Regulation X to ensure that borrowers are getting needed information about loss mitigation
3. Promptly handling loss mitigation inquiries and avoid unreasonably long hold times on phone lines:
4. Maintaining policies and procedures that are reasonably designed to achieve the continuity of contact objectives to ensure that delinquent borrowers receive accurate information about their loss mitigation options:
5. Evaluating the loss mitigation applications consistent with the Regulation X requirements to promote timely and consistent evaluations
6. Complying with foreclosure restrictions in Regulation X and other Federal or State foreclosure restriction
7. Complying with the Fair Credit Reporting Act’s requirements to report the credit obligation or account appropriately.

It is possible that the above-mentioned requirements may seem like a daunting task for mortgage servicers who are already struggling with huge volumes of work. Servicers will now have to design proper communication strategies to make sure that, during this crisis, borrowers receive key information about their options at the appropriate time. To handle the whole situation, they may have to appoint separate personnel to inform borrowers about available loss mitigation options.

Servicers will also have to ensure that they let their customers know the steps they are taking to see that their applications are being handled as quickly as possible. This would mean that many servicers could see record web and phone traffic which will again have to be handled.

As a servicer, you will have to be prepared to address this range of issues even as your customers continue dealing with financial uncertainty. You will have to follow the guidelines laid down by the CFPB to streamline the process and offer respite to borrowers.

This is where mortgage servicers can consider outsourcing the process of limiting foreclosures and promoting loss mitigation efforts to the right partners. By doing so, servicers can efficiently manage the timeline of loss mitigation processes, while gaining time to focus on more important business objectives.

There are expert partners who are adept at offering a full suite of mortgage services to its clients. These companies provide loss mitigation services that are designed to help servicers handle their back-end and front-end operations with seamless efficiency. They are capable of providing clients with a robust system that helps mitigate losses and retain customers.

Their services also encompass the entire process from documentation to borrower outreach – a significant element as laid down by the CFPB. These companies help servicers by providing them with steadfast solutions that are geared towards reducing mortgage losses. They offer strong support for foreclosure management services that ensure quick returns and valuable asset management. This way, servicers can reduce their operational costs and also free up their in-house resources to focus on core business activities.

These partner companies reach out to the borrowers on behalf of the servicer to understand their situation and offer solutions that can reduce their monthly payments and interest rates. This helps borrowers get back on track with their installments while helping the servicer mitigate their losses.

PrivoCorp is one such company that is prepared to lift the burden off your shoulders by offering expert assistance with loan modification and loss mitigation processes. We help servicers establish streamlined workflows to efficiently meet the rising volume of loan modification and loss mitigation demands through standardized processes. We enable services through a broad spectrum of loan modification support services aimed at efficiently discharging end-to-end requests. Our expert team of professionals engages effectively with borrowers and we provide access to advanced technology-oriented tools.

You can reach out to us to know more about how we can assist you in effectively meeting the guidelines laid down by the CFPB. To connect further with PrivoCorpf, you can get in touch at marketing@privocorp.com

default-servicing-loss-mitigation/

The post Mortgage Servicers can Limit Foreclosures – Steps to Follow first appeared on PrivoCorp.

Outperforming in this tough situation is a challenge for servicers. This means now is the time for them to engage with a servicing partner who can help navigate the difficult times with the help of the right people, technology, and processes. Servicers can achieve quite a lot of efficiencies and scale their operations by engaging with players who have deep expertise in the entire servicing value chain.

Here are a few areas in which servicers can benefit by approaching the right partner:

Technology and Automation

In the current mortgage landscape, servicers need to be nimble and agile to respond to borrower and investor demands. However, many of them rely on legacy software applications and IT infrastructure to run their core lending and servicing businesses. These systems that were once able to process high volumes are now costly to maintain and support, difficult to integrate with other applications, and unable to scale efficiently. When servicers operate with these applications, they continue to face problems such as difficulty in tracking data and customization in a constantly changing business environment.

As the residential lending space becomes increasingly competitive, it is important that servicers leverage leading-edge technology to help automate their workflows, optimize their workforce, and advance their digital transformation journey. A robust tech mechanism can go a long way in sorting through incoming requests and allocating them to relevant processors, based on the request. Also, time is of prime essence during this situation which means servicers benefit in the true sense if the technology solution can be onboarded fast.

Companies like PrivoCorp provide smart automation tools that offer improved compliance and ease of process management. Our support team covers all the back-office activities associated with default and loss mitigation. We implement strategic tools and process transformation to address the challenges that servicers face.

Strong Focus To Adhere to Compliance

Compliance in mortgage servicing is no more simply about holding current state licenses and registrations. It now demands a business-wide adoption of a compliance mindset and a paradigm shift towards regulation that encourages business compliance at every level. The Consumer Financial Protection Bureau (CFPB) has strict standards focused on process compliance which requires servicers to define and follow processes rigorously to eschew heavy penalties. Servicers are required to operate with a business framework that is centered around proper monitoring to demonstrate that their compliance management system (CMS) is consistent with actual business practices and is functioning effectively to meet all regulatory requirements.

At People’s Processing, we provide rigorous operations management and monitoring which will ensure compliance of processes with regulations. We help proactively monitor and identify risks. Along with expert loan servicing teams, we also have a robust platform for servicers that helps manage forbearance and other default-related requests with a high level of quality and consistency. Our solution rides on strong technology that tracks every request through to its logical closure as well as flags any compliance issues.

Increasing Operational Capacity

Now is the time when forward-thinking servicers will have to invest in people, processes, and technology to rapidly scale for spikes in defaults in order to meet demanding regulatory requirements, mitigate risk and preserve their reputations. Those that join hands with the right service partners can perform better. Regardless of default volumes, service partners have the experienced staff required that lets servicers easily scale up or down to meet their loan servicing needs.

As a large and scalable outsourced service provider, PrivoCorp offers both core and default servicing process support. This helps servicers to release capacity and acquire incremental work. We act as flexible partners who can scale operations within short timelines and we are equipped with over two decades of experience in handling servicing requirements. With our industry-leading servicing profile and customizable process models, we are also uniquely positioned to help servicers of all sizes transform and scale their operations.

Access to Domain Experts

The mortgage industry is prone to volatility in terms of volumes. Most servicers look to staff optimally and handle this variation without increasing the fixed costs proportionally. It helps to have access to proficient teams who are domain experts and who understand the mortgage industry really well.

At People’s Processing, we have deep domain expertise in mortgage services which comes from our decades of experience in delivering end-to-end default services to our clients. We have industry experts who possess experience across multiple mortgage default servicing scenarios and who ensure rigorous quality and governance through a milestone-based examination of mortgage loan servicing activities.

With its industry-leading servicing profile and customizable process models, PrivoCorp 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 are designed to reduce costs and deliver exceptional customer experiences. To know more about our default processing services, get in touch with us at https://privocorp.com/blog/streamlining-mortgage-default-servicing/

The post Streamlining Default Servicing – Ways to Do It first appeared on PrivoCorp.

For borrowers, a foreclosure will result in the loss of their home and will lead to a number of expenses in the form of foreclosure fees, additional legal fees, and possibly a deficiency judgment if their outstanding liens exceed the current value of their home. For servicers, foreclosure is a cumbersome solution that can lead to vacant and abandoned property that will likely deteriorate considering there’s no one to take care of it, and its value will diminish.

Instead, a loan modification can be a win-win situation for both borrowers and servicers, as people get to keep their houses, and lenders/servicers get their monthly payments.

However, accounting for loan modifications has been a challenge for financial institutions for a long. The volume of work involved in successfully completing modifications, shortage of resources, and lack of standardized business processes are tough to manage for most servicers.

This brings us to the question, are servicers equipped to handle the frequent rise in volumes? Jim Cameron, the senior partner with STRATMOR Group, states that Recruiters are in an all-out “firefight”. Firms are offering signing bonuses to steal underwriters and processors from competitors or giving retention payments to keep them from leaving. But why go through so much when outsourcing can suffice? We have previously written about the 8 Benefits of Hiring a Mortgage Loan Processing Company. Loan Modification Process Outsourcing has many benefits and saving time and Money for Servicers are the ones to be highlighted.

Loan modifications are common for secured mortgages and are usually done to reduce or relieve the borrower from financial pressure by decreasing the monthly payments, pausing/stopping the collection activity. It essentially gives the option to manage finances as the situation allows and avoid foreclosure. Modifications often include:

• Reducing the interest rate
• Changing variable interest rate to a fixed one
• And Extending the mortgage term length

Borrowers are offered a three-month period “trial modification,” to see whether the modified plan works for them, and only on completion of the trial,  the “permanent modification” is done. The Loan Modification Process is iterative. It ideally covers all documentation for a fresh loan, in addition to tracking the mortgage history. The demand forces lenders to run the processes faster and provide the borrowers with the best options. The chances of borrowers backing out however continue to be an appalling factor. This is where Loan Modification Process Outsourcing comes in as the apt solution.

The biggest expense for lenders that run loan modifications on their own is directed towards hiring and training a skilled team, paying industry standard salaries and benefits, and acquiring the equipment/technology required for setting up automated processes. The issues related to workforce scaling too cannot be overlooked. The plus side of Loan Modification Process Outsourcing is that the loan processing outsourcing providers already have a strong, experienced team and processes integrated with the latest technology platforms. Servicers that outsource all or part of the loan modification process delegate the tasks to a committed team which saves them time. Outsourcing helps in handling the increasing volumes effectively.

Even with the huge influx of documentation, the service providers can provide lenders/servicers a streamlined process that runs seamlessly to deliver the results on time. This in turn allows Mortgage Servicers to focus on their core priority tasks. Loan Modification Process Outsourcing allows servicers to partner with experienced professional teams that ensure highly accurate and efficient loan modification that allows them to meet the targets and reduce the overall turnaround time.

Loan modification requires a lot of documents including proof of employment, Federal tax returns, bank statements or balance sheets, and added inputs to clarify the borrower’s creditworthiness. This process requires an open communication network to make up for the missing documents promptly and technology for efficient, faster, and error-free document processing. For faster processes, service providers have established protocols to boost communication and improve customer relations. Most mortgage loan modification outsourcing service providers offer competitive pricing for the services offered, making it a cost-effective solution when compared with in-house infrastructure and staffing costs.

Loan Modification Process Outsourcing doesn’t just save the servicer’s time but also allows them to gain all-inclusive support in the origination process and loan funding. It also improves stability and security in a cost-effective and streamlined manner.

Loan Modification Process Outsourcing saves servicers Time and Money by:

• Providing a dedicated team of mortgage experts who specialize in loan modification.
• Offering Due diligence and verification processes that help in making insightful decisions while approving loan modification for a borrower.
• Leveraging technology for faster processing and quicker approval times
• Establishing effective communication channels to interact with borrowers.

Why PrivoCorp?

PrivoCorp has well-developed process-based protocols to help servicers reap the benefits of the mortgage loan modification process. Our tried and tested standardized procedures enable servicers to work with high volumes of loan modification requests. Get in touch with us today! 

The post Loan Modification Process Outsourcing Saves Servicers Time and Money first appeared on PrivoCorp.

Servicers generate revenue by performing servicing functions. Retaining the servicing customer generates the anticipated revenue. Setting up a new loan incurs costs upfront that is amortized over the period in which the loan is serviced. Losing that servicing opportunity leads to loss of revenue.

In order to increase retention levels, it’s critical that servicers have clear communication in place to establish a relationship with their borrowers – beyond sending a monthly billing statement.

Clear and timely communication without any slippages

Communicating with the customer provides the opportunity to discuss a customer’s concerns and to correct miscommunications which may preclude complaints. This is especially important because the CARES Act was passed quickly, without full implementation details. This meant that borrowers had many questions due to initial uncertainty about how forbearances would be implemented. Even if as a Servicer, you do not have many details, your main message could be that you’re still awaiting details but sending that message can build trust and demonstrate that you’ve got the borrowers’ best interests in mind.

The end goal should always be to obliterate borrower’s uncertainty and reduce their stress. After all, brand loyalty is not just built-in good times. In fact, showing borrowers you’ve got their back in a crisis is one of the best ways that servicers can demonstrate a long-term commitment to their customers.

The J.D. Power U.S. Primary Mortgage Servicer Satisfaction Study survey finds that 85 percent of highly satisfied customers (overall satisfaction scores of 900 or higher) say they “definitely will” recommend their mortgage servicer and 74 percent say they “definitely will” reuse their servicing provider for their next home purchase. Providing an outstanding mortgage servicing experience can generate high levels of advocacy and loyalty.

Customer satisfaction and engagement are critical for servicers to build lasting relationships and retain clients.

We at PrivoCorp, ensure that we understand the needs of our servicer clients and communicate proactively with borrowers to provide timely services. Based on our experience of working with customers across the country for over 10+ years, our servicing clients do rely on us to manage their loan portfolios.

You can get in touch with us at  marketing@privocorp.com

The post Retention Blues: Servicers Must Intensify Retention Efforts first appeared on PrivoCorp.

With high volumes of mortgage loan modification requests to process, servicers need to ensure error-free documentation to avoid penalties.

Calculations Errors

Miscalculations can lead to a mortgage loan modification error. In 2018, for example, a major lender admitted that due to a computer glitch, it wrongfully failed to give modifications to about 625 mortgage-loan borrowers. The bank used a modification tool that automatically miscalculated attorneys’ fees when evaluating borrowers for a potential loan modification. As a result of the miscalculation, some borrowers were deemed ineligible for a HAMP modification or a modification under a government-sponsored enterprise program, like one from Fannie Mae or Freddie Mac. Wells Fargo eventually foreclosed on 400 of the 625 homeowners affected.

Thus, mortgage servicers are on the lookout for efficient loan modification services to better serve their customers in a timely manner.

Loan servicers that partner with PrivoCorp are better able to manage the influx of documentation and streamline the adjustment process with zero-error. Subcontracting the loan modification process reduces costs for servicers because it allows them to dedicate their internal resources to profit-generating operations. In fact, research firm NelsonHall reported that outsourcing can save servicers between 20 and 40 percent — and those percentages continue to improve over a three- to a five-year term. The firm also noted that servicers can also save up to 50 percent indirectly due to the speed of processing and reduced litigation.

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

PrivoCorp is uniquely positioned to help servicers of all sizes transform and scale their mortgage default servicing operations.

We welcome the opportunity to showcase our capabilities and provide you with focused solutions that fit the needs of your mortgage default servicing operations.

The post Mortgage Loan Modification – We Can Save You Time & Money first appeared on PrivoCorp.

Well, no one really knows how to manage a world pandemic. Servicers concern, “How do we help as many borrowers as possible in a short period of time?” Whether that be through technologies, through the phone, to ensure that consumers are informed of their legal rights and processing their forbearance requests in-time.

The biggest challenge, as this has evolved, is really about the resolution piece. 

At PrivoCorp, we streamline mortgage default servicing for servicers. We have expert loan servicing teams and a robust platform for servicers that will help manage the forbearance and other mortgage default servicing related requests with a high level of quality and consistency.

The mailbox monitoring platform 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.

PrivoCorp is uniquely positioned to help servicers of all sizes transform and scale their mortgage default servicing operations.

We welcome the opportunity to showcase our capabilities and provide you with focused solutions that fit the needs of your mortgage default servicing operations.

The post Limiting Mortgage Default Servicing Hassles in Turbulent Times first appeared on PrivoCorp.

As a result, mortgage servicers need to rapidly build and operationalize their readiness plans for the next 6 to 12 months to support a significant number of distressed borrowers and ensure operational readiness.

As per a recent McKinsey pulse check survey and responses from mortgage-servicing executives, about 10 to 12 percent of mortgages may end up in forbearance, with 20 percent or more of these potentially progressing to default and requiring assistance. This means that more than one million customers may need assistance over the next 12 to 36 months. As a point of comparison, currently the industry processes about 45,000 loan modifications per quarter.

The time to Act is Now: Go-forward priorities

Servicers must rapidly build operational readiness in preparation for the significant surge in delinquencies expected in the coming months. Doing this right will require an end-to-end approach across the mortgage loan servicing value chain and targeted action in five areas:

1. Digital and self-serve
2. Streamlining loss-mitigation operations
3. Addressing capacity shortfalls
4. Portfolio risk segmentation and analytics, and
5. The development of a robust centralized “nerve center” program management capability

Several servicers have reported the capacity and availability of the right tech as a big challenge to manage high forbearance volumes. A thoughtful exploration of options such as BPO/subservicing/specialty servicing partners across customer risk segments should be considered, focused around capacity stress points in the current operating model.

Servicers will need wide-ranging people, process, and technology to support across areas such as Loss Mitigation, Loan Modification, Customer Service, Title Reports & Valuation, and Claims Processing.

At PrivoCorp, we streamline default loan servicing for mortgage companies. We have expert loan servicing teams and 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.

PrivoCorp is uniquely positioned to help servicers of all sizes transform and scale their mortgage loan servicing operations. We welcome the opportunity to showcase our capabilities and provide you with focused solutions that fit the needs of your mortgage loan servicing operations.

The post Tackling Challenges in Mortgage Loan Servicing – Ways to Do It first appeared on PrivoCorp.

“Overall mortgage delinquencies rose a seasonally adjusted 8.22% in the second quarter, according to the MBA. That marked a nine-year high, and a nearly 4% increase from the previous quarter, the largest quarterly jump in the survey’s history.”

This creates challenges for servicers as they prepare to ramp up staffing to deal with the likely influx of homeowners struggling to make mortgage payments in the wake of the COVID-19 outbreak, while also implementing the myriad of government and private sector programs/policies and the right technology in place.

Supercharging Mortgage Servicing with Right People, Process and Technology

With the continued uncertainty surrounding the timing and pace of recovery, servicers must rethink their mortgage default servicing operations and technology to mitigate the risks to their business – now as well as in the foreseeable future.

The short and the long-term impact of rising forbearance, loan modifications, and mortgage defaults can decimate underprepared servicers. Attempts to ramp up large scale loss mitigation initiatives can lead to escalating administrative costs and slower cycle times. Implementing changes to mortgage default servicing processes to ensure compliance with emerging regulatory guidelines will prove equally daunting. Servicers also need to ramp up their engagement with borrowers, many of whom are confused and panicked, during this challenging time.

Servicers will need wide-ranging people, process, and technology to support across areas such as Loss Mitigation, Loan Modification, Customer Service, Title Reports & Valuation, and Claims Processing.

Partnering with a Trusted Vendor can help

At PrivoCorp, we have expert loan servicing teams and 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.

With its industry-leading servicing profile and customizable process models, PrivoCorp 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 PrivoCorp, 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.

The post Streamlining Mortgage Default Servicing: Unavailable Staff & Right Tech first appeared on PrivoCorp.