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Introducing New Efficiencies In The Back-Office Mortgage Process

How outsourcing with Servion Mortgage is gaining new functionalities that will help its partners speed up their mortgage lending while reducing the risk of losing the business.

The pandemic and record-low interest rates helped set off a refi boom and surge of purchase activity that put unprecedented strain on credit union lending departments. Now, rising interest rates and a cooling market have many re-examining their staffing models to accommodate the changes in the markets they serve.
Through all this change, member-owned financial cooperatives across the asset range have relied on third-party providers of mortgage technology to help them adapt and compete. The right partner offers a full range of customizable services while making the necessary investments in automation tools and processes so credit unions don’t have to, says Greg Schatzke, vice president of Servion Mortgage, part of The Servion Group.

Greg Schatzke, VP, Servion Mortgage
Today’s crazy market is creating a whole new set of staffing and technology challenges. We provide the core competencies your lending infrastructure needs so you can concentrate instead on the changing and new opportunities in your market, says Schatzke, whose CUSO provides mortgage services to more than 450 credit unions and community banks in 45 states.
Below, Schatzke explains more about what Servion does and how it does it, including its recent deployment of the AIQ omnichannel solution from ICE Mortgage Technology.
First, a quick overview of Servion Mortgage’s products and services?
Greg Schatzke: We offer processing, underwriting, closing, compliance, and servicing at the individual levels our clients need, depending on their sophistication, staffing, and volume issues.
Credit unions that don’t already have a loan origination system (LOS) in place also can use our white-label, point-of-sale retail site. There, members can submit an application to us and our team of loan officers will work with the borrowers from that point.
Software training and education and guidance on staffing and technology issues that our industry is facing also are ways we add value to a credit union’s partnership with us.
So, really, it just depends on your experience level and staffing. We have multiple ways for you to partner with us and help generate revenue from the mortgage channel.
What does AIQ stand for and what does it bring to the mortgage process?
GS: AIQ stands for automation, intelligence, and quality. The solution relies heavily on artificial intelligence to automate certain workflows, increase efficiency and productivity, and reduce business risk.
When did Servion Mortgage deploy the AIQ solution and how are you using it now?
We began working on it last November and launched it in late February. We have three pieces of AIQ in use right now: document recognition that allows us to take a 100-page PDF with multiple types of information in it and sort them into appropriate files; an income analyzer that allows us to review pay stubs and W2s to determine an accurate and consistent income; and a credit analyzer that in a matter of seconds reviews more than 70 data points, such as birthdates, Social Security numbers, and many more.
How do your credit union partners benefit from this technology?
One big plus is how it helps us uncover potential red flags early in the process those kinds of issues that might come up later and cause delays if you’re using a more manual process.
And, overall, the way it intelligently automates key business processes helps us ensure a smooth, efficient application process for our partner credit unions.
Do you work with existing lending platforms or help credit unions create and deploy completely new platforms? Or both?
Most of our credit union partners already have LOS software at the front end, so they can simply upload a loan application and documents to us for underwriting, processing, and servicing. Whatever they need after that initial upload. Our TPO (third-party originator) site allows us to work with any LOS software that uses industry-standard MISMO 3.4 files.
What’s coming next in your rollout of the AIQ tools?
: We’re now in the mapping phase of adding software that will help with lead management and follow-up that will empower our partners to consistently stay in touch with borrowers from pre-approval through signed purchase agreements.
That will help lower the chances of losing a deal to a competing lender. In this market, that’s always a risk. So, along with catching those red flags we mentioned earlier, this is another way that Servion Mortgage can help reduce the business risks they encounter every day.
We also plan to fully implement e-closings by the end of the year. This will allow borrowers to pre-sign certain documents before actually going into the closing, so instead of an hour or more, it can take 10 or 15 minutes.
How can my credit union find out more about Servion Mortgage?
To learn more about partnering with Servion Mortgage, go to www.myservion.com.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
August 8, 2022

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