Mid America Mortgage reports that it has completed the transition of its servicing operations to its newly-formed in-house servicing department.
The company’s national servicing portfolio, which comprises more than 35,000 loans, is now managed by an internal staff of approximately 40 employees located in the firm’s Addison, Texas headquarters.
“After working with our subservicer for the last nine years, we realized the time was right to bring our servicing operations in-house,” says Jeff Bode, CEO of Mid America, in a release. “With this transition, our team will be able to provide even more personalized attention to Mid America’s valued customers.”
The company reports that it has made considerable investments in technology to digitize its servicing division.
“The benefits of a digital mortgage environment are undeniable, and having committed ourselves to being as digital as possible on the origination side of the house, we felt duty bound to do the same in our servicing operations,” Bode says. “By lowering our operational costs and streamlining borrower communication, we are able to improve service levels while passing on the savings to borrowers in the form of lower rates and origination fees, which continue to pay dividends for borrowers over the life of their loan.”
Two years ago, Mid America acquired mortgage servicing rights (MSRs) on a portfolio of government loans with about $2.7 billion in unpaid principal balance. Those loans were subserviced by LoanCare.