Phoebus Software makes a very good point when it says that “mortgage servicing
suffers from legacy systems” (MFG July). We agree that, with the current payment
difficulties experienced by many mortgage customers, combined with ever more stringent
scrutiny by the regulator, many legacy mortgage servicing systems will be struggling
to cope.
As a relatively new mortgage servicing supplier, CMS is fortunate in having recently
invested in new technology supplied by Phoebus, and we can vouch for its flexibility
and ability to deliver what today's market needs.
However, lenders need to be looking at more than just the IT platform when considering
mortgage servicing and which outsourced mortgage servicer to use. These additional
and vital elements include: an experienced team with focussed leadership; secure
systems that protect lender and customer data; full integration between the core
mortgage servicing system and other elements (eg, telephone dialling systems); extensive
and effective staff training; and a collections protocol that sets out how to treat
customers fairly and in particular, effectively consider their individual financial
circumstances.
In a crowded mortgage servicer marketplace, choosing the right third party support
that delivers all of these element should now be put at the top of the agenda by
those lenders who have opted for or are considering outsourced mortgage servicing.
Melanie Leask
Mortgage Servicing Director
CapQuest Mortgage Servicing |
