You have confidence that your tracking is rock solid. Excessive borrower noise is eliminated while you reduce flood compliance fears and the cost burden on loan servicing.
You need to win on all three levels: streamlining your servicing, safeguarding your reputation, and stemming the tide of borrower complaints.
You'd stop having to chase declarations documents to avoid false placements.
You would have full visibility with every loan no matter the status or complexity—not just with auto, but with mortgage and commercial loans, too.
You'd have total confidence in tracking with up-to-date accuracy and always timely notifications.
New flood insurance compliance rules are making loan service managers nervous. Here are the top six flood compliance areas and how to stop them from becoming a problem.
Keeping your tracking in-house allows you to control borrower communications with no vendors to manage.
But that DIY responsibility using manual workflows can complicate every tracking task and lead to missed mailing requirements, compliance mistakes, and audit worries. In addition, the unchecked flow of borrower frustration is directly focused on your loan servicing staff and even reaches upper management.