As can be expected, there were many competing views at the MBA’s Mortgage Servicing Solutions Conference & Expo on when exactly the servicing industry should have embraced e-adoption, but the conclusion is the same: servicers cannot make the digital transformation fast enough. There are a number of solutions ready to be used today, but servicers should be focusing on those that are simple, intuitive, and beneficial to both servicers and borrowers. For servicers, these digital solutions offer the opportunity to bridge the gap in how they build relationships with their borrowers, which can then be leveraged into higher customer retention rates.
Digital transformation is really about business transformation, making all parts more efficient and integrated to create better experiences for everyone. The industry is inundated with need for solutions to accomplish this but lacks the conduits to effectively communicate those needs. What started out as simply a way to process payment at scale thirty years ago has evolved into a human-centered business. Mortgage servicing operations have not evolved along with that shift, yet, and need significant investments in customer service to match the needs of borrowers. Beyond that, servicers need rules-driven solutions with clean data that optimize cost, streamlined processes for borrowers, and plans in place for how paper and digital communications can work in sync with the best blend of each.
With solutions such as Venture Access and Venture Editor, servicers can do just that with their transactional communications. Our online portal and document composition tools allow you to create communications that leverage your customer data through rules-based automations that are quick, easy, and cost-saving. One of our latest solutions for those with complex subservicer management needs, our Private Label Subservicing platform, allows our clients to create easy and quick onboarding processes for subservicers. The platform reduces the time and resources needed for typical programming and reduces costs while offering self-service quality control over branding and custom information. Venture Solutions helps you transform how you communicate with borrowers and evolve beyond the incremental fixes that have been the norm so far.
