Mortgage servicers have come under increasing scrutiny from state and federal regulators, particularly when it comes to handling loans at risk of foreclosure. A new offering from national lender platform ServiceLink hopes to help with at least one challenging aspect of servicing: communication with borrowers.
ServiceLink, which provides end-to-end origination and default services for 15 of the top 20 mortgage lenders and servicers in the country, has debuted a mobile version of its LoanCare Servicing Division’s loan management system. The mobile portal, which servicers can private-label, allows servicers and their borrower clients to access the system on any smartphone or tablet.
Once borrowers register through their smartphones, they may view their loan information, make payments, manage automatic drafts, view their payment history, update their personal information, and contact their servicer through the portal, the company said.
ServiceLink, a Fidelity National Financial company, noted that the Consumer Financial Protection Bureau (CFPB) recently reported specific problem areas within mortgage servicing, including poor payment processing and loss mitigation. The agency cited lack of shared information and inadequate communication between borrower and servicer as key drivers of compliance risks and weaknesses within mortgage servicing, ServiceLink added.
“Achieving transparency is a primary focus of the current regulatory environment and mobile technology enables us to support this objective to a degree never before possible,” said Gene Ross, president of LoanCare, in a statement.
“With LoanCare’s new mobile portal, consumers have unrivaled access to their accounts and can easily contact their servicer, if needed, while servicers can securely deliver detailed loan information directly to the consumer’s device.”