In a Fitch Ratings servicer roundtable event at the end of Q4 2017, “79% of the Fitch-rated servicers agreed that regulatory compliance is prioritized ahead of loan performance management and 89% agreed that regulation has made loan performance management more difficult.”
The result of this tough regulatory environment is loan servicing costs that continue to rise.
OnBase by Hyland offers loan servicing solutions that use advanced technologies to lessen the burden of regulatory compliance while freeing up staff and resources to focus on performance management and customer service.
Many loan servicing software point solutions are aimed at assisting servicers with particular tasks , but only a platform solution such as OnBase can provide the value and agility it takes for loan servicers to cut overall servicing costs, increase margins and provide the customer service necessary to keep loans performing.
OnBase includes the following technologies:
OnBase puts all loan documentation into a single digital repository that allows call center workers to quickly answer questions from borrowers. This reduces the costs associated with call time and is also a major benefit when call volumes suddenly increase during natural disasters and emergencies that cause large numbers of borrowers to need assistance.
OnBase also enables servicers to give borrowers online visibility into their documents and status, helping to reduce call center volume. When borrowers get the accurate and timely information they need from servicers, loan defaults are reduced.