A Technology Update May be in Order

5 Essential Must Have Capabilities for Mortgage Servicing Software

Credit union mortgage servicers have their hands full. In addition to completing daily servicing operations, they must deliver exceptional customer service, meet investor requirements, and keep up with changing regulations. Servicers must pay attention to borrower protections as they exit COVID-related forbearance. The Consumer Financial Protection Bureau is watching servicers closely to be sure they communicate proactively and treat borrowers fairly when their forbearance period ends. Now that the COVID-19 National Emergency has ended, servicers need to review and update their policies, procedures, communications, and systems.

Fortunately, the right mortgage servicing software makes it easier to service loans efficiently while satisfying members, investors, and regulators. Real-time integration with the core system elevates your customer service and promotes optimal accuracy. Regular software updates (to accommodate investor reporting and other regulatory changes) facilitate compliance.

Essential  Software Capabilities Critical to Success

To achieve breakthrough success, credit unions should choose mortgage servicing software that includes these five essential capabilities:

Read the ACUMA Pipeline Article to Discover the 5 Essential Capabilities of Mortgage Servicing Software