There are many perks technology offers in the mortgage servicing process – for servicers, vendors and borrowers. It offers efficiency gains and has potential to improve communication and increase transparency. It’s easy to use, convenient and saves a lot of time. For all its value to processes and outcomes, technology is designed to work with people for people.

In part two of our series on mortgage servicing technology, we explore the human experience that technology contributes to, for the team members who leverage it as well as the customers who benefit from it.  

Employee experience

Technology offers transparency to servicing employees that helps support their skills. Whether providing them with supporting data, helping them find “needle in the haystack” outliers or presenting new insight into an old challenge, technology in this space enables them to do a better job. It also makes their work becomes more meaningful with automation tools lifting the burden of rudimentary, repetitive tasks and allowing them to exercise their deeper knowledge and skills.  

“Technology can empower an employee who is accustomed to carrying out a lower-value task, such as manually reviewing inspection reports, with analytics that enable them to add more value by looking at and applying the report data more strategically,” said Rajshekar Prabhakar, vice president, artificial intelligence. Work that brings strategic value to the firm, perhaps resulting in highly visible benefits, can motivate employees to do their best. Increases in morale, performance and talent retention are all possible, lending new strength to a servicer striving to build a strong, experienced team.

Borrower experience

Along with transparency, technology also offers servicers to deliver speed and customization. Those are two vital factors for creating an exceptional customer experience. Finding a tech-enabled partner with tools for making every interaction as easy as possible is essential in terms of supporting your borrower, especially as customers in the default process face financial hardships. Title, close and valuation technologies can make loan modification processes faster and easier, for example, and tools such as chatbots can help deliver a customized borrower experience.  

“When interacting with their servicer, especially in a loss mitigation scenario, borrowers need clear, concise direction,” explained Prabhakar. “When customers have choices — chatbots, texting functionality, websites providing email and phone numbers, etc. — they can communicate with their servicer and get the information they need in the manner that works best for them.” Remote signing solutions have become an important differentiator in the customer experience realm as well.  Borrower customization and convenience are key to building a satisfied, loyal customer base.

To learn more about our tech-enabled offerings in the mortgage servicing process, visit here.

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