Many lenders and financial institutions no longer consider mortgage loan servicing as a core business due to lower margins, greater administrative burden, complex regulatory requirements and financial penalties for non-compliance. However, transferring all loan servicing functions to a third party is not viable as it can mean losing important touch with customers and investors.
Leveraging its deep mortgage support expertise, CES provides cost-effective and flexible loan servicing offerings that are customized to seamlessly fit into clients’ mortgage operations. Our seasoned and dedicated mortgage support experts ensure that all of our deliverables meet and exceed stringent quality standards, regulatory requirements and aggressive deadlines for completion.
Escrow administration is a critical loan servicing function that often overwhelms many loan servicing departments. We conduct end-to-end management of escrow accounts for our clients. Some examples of escrow administration tasks include:
- Conducting escrow account reviews and audits
- Tracking and monitoring property taxes and insurance premiums
- Tracking and calculating renovation and rehab events for escrow implications
- Researching, obtaining and entering tax and insurance premiums information in loan systems
- Calculating escrow shortages and overages
- Creating custom reports and issuing escrow notifications and statements
Cash Operations Services
Our experienced loan servicing team has the ability to help with basic cashiering functions like processing various mortgage fees, disbursement of suspense funds and processing of loan payoff statements. Also, mortgage clients benefit from our advanced account receivable and cash workflow management services.
Throughout a mortgage lifecycle, many products and services are used from multiple vendors that result in many one-time and on-going fees that must be paid as per agreed upon terms between the parties. At CES, we track and reconcile vendors’ invoices for appraisal reports, construction inspections and insurance policies etc. Our team validates and ensures that vendors’ invoices are accurate as per agreed upon financial and business terms. We identify and report discrepancies that help prevent financial losses due to fraud and innocent mistakes.
Maturity & Default Services
Tasks associated with loan maturity, pay off and default management generate significant back-office and non-core activities. Although software tools and improved workflows provide operational efficiencies, however, well-trained mortgage experts are required to oversee and manage these mission critical tasks at various touch points. Example of such tasks include:
- Tracking and updating loan maturity amounts and dates
- Issuing loan maturity letters to borrowers
- Calculating and updating loan payoff amounts in a mortgage tool/CRM
- Keeping track of risky borrowers and issuing sensitive communication as per policy
- Sending default letters to borrowers who have missed monthly payments
- Creating and providing customized reports to clients as per their business needs
Keeping loan tapes accurate and up-to-date is a daunting challenge due to data quality issues and inherent complexities in mortgage processing operations. The benefits of having accurate and complete loan tapes extend well beyond loan servicing. Lenders, financial institutions and investors make critical investment decisions based on information in loan tapes. At CES, our mortgage support specialists ensure that loan documents are accurate, complete and well organized for immediate retrieval as needed. For loan servicing needs, we rely on loan tapes to calculate interest and pay offs amounts as well as for issuing default and maturity letters to borrowers.
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