One important feature of mortgage servicing technology is the ability to manage multiple loan types for multiple investors. Several technology providers are promising to do just that and more for prospective customers.
The U.S. Department of Housing and Urban Development recognized 12 mortgage servicer customers of Financial Industry Computer Systems Inc. on its Tier Ranking Round 34 in the Tier One category, FICS said last month. The ranking, which was based on activity between Oct. 1, 2007, and Sept. 30, 2008, indicates the best application of HUD's loss mitigation.
An executive for Aurora Financial Group Inc. suggested in the statement that FICS helped his company achieve the ranking. The system enabled the servicer to effectively service and manage varying investor requirements.
Western Union Payment Services claims it helps mortgage servicers expand their payment channels while maintaining fiscal responsibility.
Last month, McDonald Computer Corp. announced that it had partnered with Marsh Associates Inc. to provide Web-based loan access to the North Carolina Housing Finance Agency. Marsh expected to convert to the Southfield, Mich.-based firm's Web/T.I.M.E. servicing system. The Internet-based system has the ability to process all loan product types and has reverse mortgage, default and loan modification servicing functions.
Member Mortgage Services, which specializes in credit unions, updated its servicing system to McDonald's system in February and expected to complete the full integration by last month, according to a Feb. 26 statement. In December, 33-year-old McDonald signed up Ofori Lender Services in Raleigh, N.C.
The Marix Borrower Outreach has been launched through a partnership between loan servicer Marix Servicing LLC and technology provider Logicalis Inc. The software program enables Marix reps to "pre-board" mortgage data on loans during the acquisition process -- a period when defaults often go undetected.
EnerBank, which services home improvement loans, will move its servicing portfolio to Fiserv Inc.'s loan servicing platform, a January announcement said.
In December, Fiserv said Real Estate Mortgage Network Inc. would convert its mortgage and real-estate owned portfolio to Fiserv's servicing platform. The mortgage banker operates its national servicing business out of Melville, N.Y. Its servicing portfolio includes conventional, government, jumbo and reverse mortgages.
Radian Guaranty signed an agreement in March with IndiSoft LLC to purchase RxOffice software, a news release said. Radian will brand the software internally as Guardian Pro and use it as a foundation for its new unified loss management platform.
"Guardian Pro will automate all of Radian's loss management processes, including work flows that were previously handled manually," Radian said. "One of the system's strengths is that it will provide early notification of cases that hold the most promise for resolution."