Web Firm Adds Servicing

MortgageHub here, an industry Web-service provider, has added an online customer service solution to its menu of systems that decreases origination time and cost for mortgage wholesalers.

The new solution will allow lenders to offer servicing customers access to their account information and the ability to manage it via the Internet, the company said.

Chetan Patel, chief operating officer at MortgageHub, said the new servicing product was developed in response to customer interest. He said it will allow MortageHub to add to its extensive suite of Web-based products.

After providing authentication through a security system, consumers can use the servicing solution to check their accounts, get payment history, make payments and perform other account transactions. The system also enables users to select the payment method that is best suited for them. In addition, tax and insurance information is available and users have the ability to change contact information. "More consumers have been asking for access to their accounts, according to lender clients," Mr. Patel said. "People are becoming more comfortable managing their financial accounts online."

Mr. Patel said the servicing solution reflects increased market demand for "self-service" customer service functions, noting that many lenders are hoping to reduce the burden on their call centers by allowing people more access to account services through the Internet. In addition to seeing account information, the service, which is offered as a private-label, hosted solution, allows consumers to make their mortgage payment electronically. Mr. Patel said that the servicing solution is being offered in conjunction with London Bridge's LSAMS application in cooperation with Fair, Isaac & Co.

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