Envoy Mortgage, one of the nation’s mortgage servicers currently engaged in enhancing and restructuring its mortgage banking capabilities, is choosing in-house servicing over subservicing.
As it adjusts to the new strategy the Houston-based company has partnered with Financial Industry Computer Systems Inc. of Dallas, which specializes in residential and commercial mortgage technology solutions.
Going forward, Envoy’s loan servicing department will use the FICS Mortgage Servicer platform.
Until now Envoy focused on originations and outsourced all its loan servicing operations to a subservicer. The move, executives said, reflects a strategic decision to bring operations in-house and “provide customers with the full capabilities of mortgage banking under one roof.”
The FICS platform has “enhanced the day-to-day workflow between origination and servicing,” said senior vice president of Envoy Mortgage, Mike Maloney, and also is helping grow the company as a whole.
Envoy is now working with FICS to ensure a smooth transition of operations and a simplified on-boarding process for all Envoy employees who will manage borrower information, loan data and loss mitigation efficiencies.
The platform automates loan servicing functions including escrow administration, collections and investor accounting. Separate tools facilitate payment processing, loss mitigation and yearend reporting, making it easy for users to access all borrower data.
Early implementation shows the platform has already helped increase the number of loans managed by each employee as the company transitions into an in-house servicing business format.
In addition a FICS team provides back-up support and
Technology has to fulfill servicer demand and expectation to get innovative, ease-of-use solutions, said president and chief operating officer of FICS, Susan Graham. “The Mortgage Servicer platform has allowed the Envoy mortgage team to customize key aspects of their day-to-day workflow.”
Envoy currently operates a retail branch network originating in 48 states, as well as a servicing department. The new platform is expected to enable users to acquire and service loans in a more cost-efficient way.
