We began loudly voicing the need to remove the friction present in the transfer of mortgage servicing rights between buyer and seller counterparties
(as well as in the wholesale and correspondent channels).
Buyer pain points in this acquisition space can be summarized into 3 intertwined categories.
Lack of uniformity & consistency – It is no secret most sellers lack wherewithal to address all the unique requirements of each buyer they do business with. As such, buyers with presumably more resources are left to deal with wide variations of file delivery received across sellers.
Manual processing inefficiencies – Too frequently, this is managed with people-power hand-keying data in to servicing & other systems of record, often with errors. Buyers are repeatedly left to map document and field naming with each new seller as they acquire portfolios.
Financial & reputational risk for counterparties – This then ups the risk ante. Human labor increases costs and cuts into margins. It creates delays in meeting contractually committed timelines and frustrates borrowers when their servicing experience is interrupted or void of their complete account information. Sellers too become frustrated dealing with buyers who manage the transaction with slow manual processes that delay funding.
