The last few months of last year mostly saw new client gains for a handful of loan servicing software providers. While one Texas company unveiled a servicing platform upgrade and a new add-on solution to that platform, a Michigan company received approval from a major banking association.
A Dec. 9 announcement from Financial Industry Computer Systems Inc. said its residential loan servicing platform Mortgage Servicer and Mortgage Accountant, an automated accounting add-on option to FICS’ servicing software, helped improve servicing operations for American Airlines Federal Credit Union.
“American Airlines Credit Union has utilized Mortgage Servicer and Mortgage Accountant to meet its goals of greater efficiency and control through the automation and simplification of many processes,” FICS President and Chief Operating Officer Susan Graham said in the statement. “Moving forward, FICS will continue to provide the credit union with the training and technological support necessary to meet regulatory compliance demands as well as evolving servicing needs.”
A couple months earlier, FICS revealed Mortgage Servicer’s third generation, version 8.00 in conjunction with the Mortgage Bankers Association Annual Convention. This version touted upgraded technology capabilities to improve customer experience and keep in line with the latest industry trends.
As well, the same statement allowed FICS to introduce its residential mortgage information portal eStatus Connect, which would offer borrowers several ways to access their loan data.
According to Black Knight Financial Services, several financial institutions use the company’s MSP platform to service home equity loans and credit lines, first mortgages and consumer loans. As well, the press statement said MSP helped support loan servicers’ regulatory compliance requirements.
That same month, Black Knight revealed St. Paul, Minn.-based Green Tree Servicing was a new MSP client, while existing customer First Bank Mortgage signed a three-year renewal contract for the servicing technology.
Midwest Loan Services Inc. received an endorsement from the Corporation for American Banking, a subsidiary of the American Bankers Association. According to the news statement, Midwest received this recommendation for the sub-servicing help it can provide ABA member banks across the country.
Freedom Mortgage Corp. recently chose LoanServ, Fiserv Inc.’s loan servicing platform, to help enhance the lender’s in-house loan servicing abilities. According to Fiserv’s media statement, Freedom Mortgage’s current servicing portfolio would convert to LoanServ and use LoanLink, a borrower-facing web information portal option within LoanServ, to give borrowers access to their mortgage loan accounts.
Around the same time, Fiserv also announced the Massachusetts Housing Finance Agency as a LoanServ client.
“Switching to LoanServ is going to help us deliver on our mission to increase affordable housing options for Massachusetts residents by improving the speed and efficiency of closing, managing and servicing our loans, while minimizing the risk,” MassHousing Director of Home Ownership Servicing and Operations Kevin Mello said in the press release.
In this report’s final loan servicing technology news, Guaranty Bank chose ISGN Corp.’s Tempo technology to help improve and manage its default loan processes, according to a recent press release.
“Leveraging one electronic system to house all of our default documents has eliminated the costly delays that occurred with our previous manual processes,” Guaranty Vice President and Default Manager Garret O’Reilly said. “Now anyone involved in the loan process can simply log into Tempo to view the loan status and complete any actions that need to be taken.”
