SS&C Technologies : Trends in loan servicing

The Mortgage Bankers Association's 2018 Commercial/Multifamily Servicing and Technology Conference was held at the vibrant Intercontinental Hotel in Miami, Florida. The three-and-a-half day event kicked-off on May 20^th, and featured industry leaders from both the financial and technology sectors. These speakers highlighted the latest industry trends to look out for, the current and future state of loan servicing and the effects of technological advances on the real estate finance market.

To enhance engagement, in certain sessions, attendees could live text questions to panelists to answer. In the Closing Practices session, the panel was asked: 'How long after loan closing do you board a loan to your servicing system?' The panelists' answers ranged from the same day to a week. For us, though, since our SS&C's Precision LM software handles loans from application through payoff, our client can board loans in a matter of minutes, as loan terms and escrow information only need to be entered once.

Another session that resonated with us was 'Exploring Stages in the Life of a Loan.' Key themes discussed, included:

• Creating a consistent customer experience for the borrower
• Effective communication across the loan team from origination to servicing
• Using software that provides true end-to-end support for a loan

From our own experience, we've found that to create a consistent customer experience for the borrower, information collected at each phase of the loan cycle should be stored in a secure, central location and be accessible to all parties involved in the deal. It is vital that each stakeholder is aligned, working off the same information and has a platform to facilitate continuous communication. In order turn a new borrower into a repeat borrower, the customer experience at each phase of the process must be consistent, efficient, stress free and provide clear value.

SS&C's Precision LM software provides a single platform that integrates origination, servicing, asset management and reporting. Precision LM helps organizations reduce costs by eliminating overlapping and redundant systems, and provides the scalability and flexibility to take on any new loan, customer or investor. Precision LM can help your organization achieve the following:

• Improve borrower experience by eliminating duplicate requests for the same information
• Eliminate human error and redundant data entry
• Streamline communication to reduce number of back-and-forth calls and emails
• Provide borrowers with better visibility into your process

To learn more, visit our website or email us at [e-mail] or [e-mail].

Commercial Lending, Fund Administration

loans , Precision LM , MBA CREF , Event , Loan Servicing