Servicers can choose the products in the package that best suit their needs
Equifax has launched a new customizable package of mortgage-servicing products designed to support financial institutions throughout the loan-servicing life cycle.
The company said that the new mortgage-servicing product bundle provides lenders with data and analytics they need to tackle issues ranging from “mitigating risk and identifying portfolio retention strategies to increase operational efficiencies with non-performing loans.”
"In today's Dodd-Frank era, servicers are faced with a host of operational challenges, such as identifying risk within their portfolio; marketing and retention of performing assets; and efficiently executing operational policies and procedures in accordance with regulatory and compliance guidelines," said Jennifer Henry, vice president and vertical marketing leader for mortgage and housing services at Equifax. "We understand that any of these issues can threaten a servicer's ability to sustain a profitable business model.”
The product bundle can also be tailored to fit a wide range of servicers’ needs. Financial institutions can pick the products that best match their business for maximum operational efficiency.
“Smarter insights enable smarter action,” Henry said. “The new product bundle empowers servicers with the right data and analytics, providing the insight and confidence servicers need to help anticipate and capitalize on fast-moving market opportunities."
The Equifax mortgage servicing product bundle supports:
- Marketing and retention – servicers in mitigating prepayment risk by applying predictive analytics and event-based insights to market to and retain more of the right customers.
- Portfolio management – servicers to accurately identify and help mitigate risk with leading indicators by utilizing differentiated and predictive information obtained from the source.
- Loan modification – servicers must maximize operational efficiencies during modifications. Equifax offers a single source for verification of loan documentation during the mortgage loan modification process.
- Default and Foreclosure –servicers in mitigating the risk of loss from defaults and foreclosures while helping reduce the need for unnecessary manual reviews.
