QMS Opens Servicing Branch
FRANKLIN, TN-Quality Mortgage Services here is expanding its services to include mortgage servicing to its current and perspective client base.
The new branch, QMS Servicing, will focus on easing the burden often associated with mortgage and escrow payments that clients usually face.
Sherrie Reed will head up the division. Ms. Reed brings more than 20 years experience in the mortgage industry, primarily in the title and escrow portion of the business.
"The servicing we are embarking on is managing in-house accounts or escrow accounts, and taxes and insurance," said Ms. Reed.
She says the new arm eliminates the need for the lender to have someone on staff manage the servicing.
"For the banks and lenders that service their own loans, it's somewhat labor intensive so they need a person on staff to be able to handle that, manage the late notices that go out and have some type of robust technology base," she told Mortgage Servicing News.
The new division will make sure the mortgage payments are maintained, the insurance and taxes paid when due, and if a borrower is late. "We send out the late notices. QMS Servicing is streamlining the process for the lender as well as the borrower. When there is an escrow and taxes, lenders have to manage when the payments come in. They have to separate those two portions and keep all the records. It's a very labor-intensive record-keeping endeavor if you are not already up and going with technology," she says.
"Technology is really a demand now in the industry. We are going to focus on that first. That's why we felt the need was there to provide one more service to our existing customers and of course branching out to others."
The mortgage industry has a lot of processes in place now that make it a little more difficult now for borrowers to receive financing, observes Ms. Reed. "There were a lot of people who were allowed to buy homes that they really were not able to afford. The practices now are put in place to help people live within their means."
QMS is also making available a mobile mortgage closer, which is a notary service to its clients.