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MHFA Switches To
LoanServ From Fiserv

The Massachusetts Housing Finance Agency (MHFA) - which provides financing for the construction of affordable rental housing as well as affordable first and second mortgages to the people of Massachusetts - is now using Fiserv’s mortgage servicing platform, LoanServ, for loan boarding, business-to-consumer and business-to-business Web-based applications and the disposition of real estate owned properties.

“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,” says Kevin Mello, director of Homeownership Servicing & Operations, MassHousing, in a release.

LoanServ is an integrated solution that consolidates support for all retail loan products on a single platform, including mortgages, home equity loans and lines of credit, personal loans and lines of credit, closed-end and revolving installment loans, and indirect financing. It integrates all loan, servicing processes and automates payment processing, collections, default management, cashiering, escrow and investor accounting.

 

Homeownership Solutions
Platform Launched

Hope LoanPort (HLP), a 501c3 technology nonprofit that helps families reach and sustain their goal of homeownership, is launching a new Web-based technology platform that integrates a full case management system, document management system and communications technologies to enable servicers, lenders and investors to collaborate and share files in real time.

The National Homeownership Solutions Platform (NHP), which is based on the platform developed by HLP to help regulators track the progress of lenders in meeting the terms of the 2012 national mortgage settlement, will feature IndiSoft’s collaboration and file sharing tool, RxOffice.

Once completed, the new platform will support a full range of housing cases and products, including pre-purchase, post-purchase, post-modification, early intervention outreach, foreclosure prevention, short sale/deed-in-lieu, state foreclosure mediation, bankruptcy mediation and reverse mortgages.

“This is a game-changing initiative geared toward unifying the efforts of multiple sectors and stakeholders,” explains Camillo Melchiorre, president and CEO of HLP, in a press release. “Too often, past efforts have focused on addressing individual pieces of these complex transactions and, sadly, have left families stranded at different stages in the process. By engaging the advocacy, counseling, servicing, lending and investor communities, we are building a common, unified platform that allows for a clear, seamless path through all phases of the homeownership process.”

The launch of the platform comes just as organizations offering housing counseling are struggling to implement new technologies to facilitate communication and collaboration amongst various stakeholders involved in the mortgage process.

“We are proud to support HLP’s mission and to have RxOffice power the NHP,” says Sanjeev Dahiwadkar, CEO and founder of IndiSoft. “We will be making significant, sustained investments in continuing to improve this platform in the coming years.”

The breadth and depth of the platform’s capabilities have been steadily growing over the past three years through a series of key partnerships that include industry leaders such as Bank of America, Wells Fargo and Fannie Mae.

 

Fay Servicing Selects
TeleVoice’s IVR

Special servicer and mortgage originator Fay Servicing is now using TeleVoice’s interactive voice response (IVR) solutions to provide pay-by-phone capabilities to its borrower customers.

With TeleVoice’s IVR, borrowers have the ability to quickly access their loan information, including the ability to easily make payments via one-time drafts. Users who opt to get agent assistance are transferred to the correct group based upon loan-level criteria. This improves customer service while simultaneously generating operational efficiencies for Fay Servicing’s team of account managers.

“Often, the difference between a borrower remaining current - or returning to current status - and slipping into default lies in a servicer’s ability to easily facilitate a payment request, regardless of channel,” says Barry Hays, co-founder and senior vice president of TeleVoice, in a release. “Fay Servicing has long established itself as a leader in leveraging relationship-based servicing strategies to maximize the performance of its portfolio, and with the implementation of our pay-by-phone capabilities, its borrowers will have another payment option at their disposal.”

 

Equator Eases
Servicer Compliance

Equator, an Altisource business unit and provider of mortgage servicing software, says it has enhanced its product suite with its new loan management module to assist mortgage loan servicers with compliance and transparency across their businesses and technologies.

The new loan management module strengthens a mortgage servicer’s existing technology, making it easier to administer rules, assign loans, reconcile portfolios and take snapshots of decisions.

The module simplifies compliance for servicers by creating detailed audit trails and compliance checks that are documented, stored and easily accessible for review. It can be used throughout the entire lifecycle of default, from delinquency through liquidation, Equator explains.

 

Freedom Mortgage
Now Using LoanServ

In order to expand its in-house mortgage servicing capabilities and enhance the customer experience, Mount Laurel, N.J.-based Freedom Mortgage Corp. is switching to the LoanServ platform from Fiserv.

With LoanServ, Freedom Mortgage will be able to offer real-time as well as point-in-time servicing. In addition, the company will deploy Fiserv’s LoanLink self-service Web portal, thus giving borrowers the ability to access and update their loan information online. This, in turn, will help increase efficiency, as well as drive customer satisfaction.

By expanding its in-house loan servicing operations, Freedom Mortgage will be able to acquire new portfolios at a more rapid pace. With LoanServ, it will be able to process single or bulk transactions in automated fashion.

In addition, the platform offers a wide range of features and capabilities in loan servicing, payment collections and default management. Freedom Mortgage will transition its existing mortgage servicing portfolio over to the platform.s

Products and Services

MHFA Switches To LoanServ From Fiserv

 

 

 

 

 

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