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LSSI Sees Need for Interim Servicing Technology
By Ted Cornwell
Lender Support Systems, a San Diego-based provider of mortgage lending technology, recently upgraded its loan servicing software, known as Servicer3D, to provide users with improved searching, sorting and querying abilities that simplify the way loan information is accessed.
And company president and CEO Cary Burch says that with the growth of interim servicing, more and more loan originators need to strengthen their loan servicing operations, even if they only service loans for a few weeks or months. Mr. Burch told MSN Bulletin that Servicer3D gives users greater control over their own selection criteria so they can access data more efficiently. The software also is customized when used in conjunction with Crystal Reports, a widely used industry reporting system. Users can also add new headings, calculations, fonts, logos and graphics to standard reports.
The Servicer3D allows users to expert information into a variety of formats such as HTML and XML, Adobe Acrobat, Microsoft Word and Excel from the Crystal Reports.
And he said the system's 32-bit internal architecture speeds up the servicing software and enhances its integration with Microsoft Windows.
Mr. Burch said that the ability to customize the software is the most important feature of Servicer3D, which replaces LSSI's previous LoanBase Servicer. He said the upgrade path will be seamless for users.
During the past five years, he said the industry has seen increasing demand for interim-servicing expertise as originators try to improve secondary market execution by holding loans longer and pooling them for sale.
"A lot of people think its really easy to just rush out and do this interim servicing for the sake of better execution and better pricing," Mr. Burch said.
In point of fact, interim servicing may require more servicing infrastructure and compliance safeguards than many realize. In addition, some lenders fail to place enough emphasis on customer servicing during interim servicing, he said.
But laziness in customer service can contribute to high early payment defaults, he said. Mr. Burch says that interim servicers would be well advised to have the right systems in place and staffing to manage both the quality of their loan servicing duties as well as the quantity.
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