iServe Servicing Combines Technology, Human Touch in Distressed Servicing

iServe Looking for Flexibility and Functionality

iServe Servicing, based in Irving, Texas, initially began in 2007 to service distressed assets as a spin-off for parent company National Asset Direct. When the company began, it had a very focused business model and scarce resources. When it came to developing the servicing software backbone, iServe Servicing needed a very open and flexible system.

“When iServe Servicing started out, we had very limited resources and a small portfolio of distressed loans that required more hands on work than the typical loan,” said Eric Haines, manager director of Operations for iServe Servicing. “We needed good functionality, but we also needed to maintain the database internally and be able to marry it to our internal processes.”

After examining several options, iServe Servicing decided to implement Mortgage Servicer, a residential loan servicing software from Financial Industry Computer Systems, Inc (FICS^®). Mortgage Servicer^® automates servicing functions including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. The software also provides the capability to automate and reduce the time spent on monthly regulatory reports.

“FICS was the logical choice,” Haines said. “We could manage the system internally and it was a great value from a cost perspective.”

iServe Grows with FICS

In 2008, iServe Servicing shifted their business model from only servicing National Asset Direct loans to becoming a third-party servicer with a focus on distressed assets. FICS’ Mortgage Servicer software was flexible and expansive enough to handle the new business model.

“iServe’s portfolio has doubled over the past couple of years,” Haines said. “Typically, when a company grows that much, you have to enhance or upgrade technology to be scalable and handle reporting. While we added new pieces of technology, such as risk mitigation software, FICS was able to hook into the additional systems, making it very simple to create new policies and procedures.” 

Haines explained that when they added the risk mitigation software, they still needed to run payments and investor reporting through FICS. Mortgage Servicer lets the user add additional fields, enabling iServe to track and report on loss mitigation resolutions, trial modifications and other needs specific to distressed assets. 

“When we first started this, there were not a lot of all-inclusive technologies that tracked loss mitigation,” Haines said. “With FICS, we could add the required fields and include them in custom reports we needed for investors to show how loans were performing.”

Haines added that one of the benefits of working with FICS is that they listen to how their customers are using the software and make updates available every few months to keep up with the changes in the industry. For example, FICS added enhancements to Mortgage Servicer to help users comply with the requirements of the Home Affordable Modification Program (HAMP). Specific loss mitigation fields were also added in response to market needs. More recently, FICS added additional tracking for short sales and deed in lieu sales. 

Data Transparency the Key to Success 

iServe Servicing continues to utilize FICS’ Mortgage Servicer for all loan servicing activities, with the exception of some foreclosure activities. The system provides transparency at the asset level that investors need. Haines said one of the most significant benefits of Mortgage Servicer is being able to populate and pull information out of the system and feed into other systems. 

Haines said the ease of putting together reports and pulling data from Mortgage Servicer and putting it somewhere else makes investor communications simple. 

“A lot of servicing shops are not set up to have interaction with investors,” Haines said. “The linkage of technology is tremendously important, and accessing and working with customer data is easier than other systems I’ve worked with. Our use of Mortgage Servicer is critical to working with our investor base and ensuring the homeowner, investors and servicing are working to accomplish the same goals.”

iServe also adapted Mortgage Servicer to manage tax certificates for investors and commercially underwritten loans. With loan alerts that flag accounts meeting certain criteria, iServe was able to manage these other lines of business without adding new software programs. 

“We’ve doubled our portfolio in the past year, serving more than 4,000 highly distressed assets and another 4,000 tax certificates,” Haines said. “Due to the nature of our portfolio, we are very interactive with our clients. FICS has helped us grow without breaking the bank in new staff and gives us the tools we need to focus on customer and client needs.”

About iServe Servicing

iServe Servicing Inc. (iSI) was established in June 2007 with a customer-centric philosophy coupled with the state of the art technology solutions. Our mission committed associates are well trained and focused on the tasks of contacting, connecting, diagnosing, and remedying sub-performing, non-performing, and bank owned assets with unparalleled loss mitigation and asset disposition strategies. For more information, visit the company’s website at www.iservecompanies.com.

About FICS

Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS), specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS' systems are designed for Microsoft ^®  Windows^® with the most recent solutions using .NET framework that include a rich Windows^® Presentation Foundation user interface and multi-tiered shareable services. The company also provides innovative document management and web-based capabilities into its full suite of p roducts. Additional information about FICS is available via the company's website at www.FICS.com.