The Value of In-House Servicing
When evaluating whether to retain or outsource servicing, some mortgage lenders may assume they lack the resources to effectively manage the process in-house. They may not realize that by investing in the right mortgage servicing software, they can efficiently service their loans in-house, not only to their own benefit but also to the benefit of their borrowers.
So, what tools do mortgage lenders need for in-house servicing?
Adopting a comprehensive set of technologies is essential for servicers to work efficiently and comply with industry regulations. Servicers need robust mortgage servicing software that is integrated with other in-house software – most importantly the core system and loan origination system (LOS) – to provide seamless data flow for every facet of mortgage servicing.
Web portals that enable borrowers to make online payments and access real-time loan information and statements have become crucial. Implementing mortgage single sign-on capabilities from within an institution’s own banking system provides greater transparency between systems, enhancing convenience and instant access.
Mortgage servicers need to be well-trained in their servicing software, so they can take full advantage of today’s automation capabilities.
Maintaining servicing in-house provides several benefits including increased profits, new cross-selling opportunities and a more positive customer experience.