For servicers, the complexities of the CFPB’s new mortgage servicing regulations are more time consuming, expensive and require an unprecedented amount of attention from agents in order to achieve compliance. In response, servicing companies are increasingly looking to technology to compliantly streamline operations and reduce overall operations costs. Sometimes even older technologies can provide cost-effective solutions.
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One of the best opportunities to gain servicing efficiencies lies in providing borrowers and title companies with a self-service option to automatically process payoff quote requests. Fortunately for many servicers, the technology to automate and streamline this procedure already exists via their existing Interactive Voice Response systems. Borrowers and their agents can request a payoff quote from their servicer at any time, including all the traditional payoff information pertaining to unpaid principal, interest, fees and associated costs, as well as actual payment instructions. For HELOC loans, borrowers may have the option of requesting pay down as well as payoff statements.
Fax on-demand IVR applications require authenticated callers to enter their fax number and the payoff as-of date. The IVR system then communicates to the servicer’s back-end technology and automatically prepares and routes a payoff statement from its loan servicing package. This automated technology accesses the required data, merges information from a predefined payoff statement template and immediately transmits the complete payoff statement to the borrower’s provided fax machine number. Properly implemented, this type of self-service IVR application addresses the servicer’s business rules, investor requirements and regulatory expectations.
The process of generating and sending payoff statements is a routine transaction for closing agents, but by automating this mundane, yet critical component, servicers can realize meaningful operational efficiencies while freeing their customer service representatives to better serve their borrowers.
