I talk with mortgage industry professionals every day. They are busy people trying to do a difficult job, too often under a microscope. In addition to struggling with servicing platforms that were originally designed in the 1970’s, they are all just one misstep away from another negative headline.
When I boil down 80% of the complaints I hear, it stems from just one problem: Lack of integrated communications across all company silos:
- When a SPOC specialist is trying to help a homeowner, they need to know what ALL affected departments are communicating to that homeowner.
- When a call center agent is talking with a borrower, he or she needs to be able to see all prior communications between the company and that borrower – both those sent to the borrower and any borrower responses.
- When circumstances dictate a new letter be sent to a borrower, the business stakeholder needs to be able to generate that letter in the context of all prior communications on demand.
There is only ONE way to solve the lack of transparency in communications; we must start at the core systems level with a single solution for the management of all communications – regardless of the delivery method to be employed. Today’s core systems cannot handle the highly variable nature of communications demanded by 21st century borrowers; nor can they support the cross functional sharing of information needed to best serve the borrower and the company. And they never will be.
The following excerpt from an article in commercialappeal.com is a clear example of problems that stem from core system processes that aren’t integrated:
Janet Menetrier was surprised to be served a foreclosure notice on her Charlotte, N.C., home in early December, just three months after Bank of America promised her a loan modification over the phone.
The next month, she found three letters from the Charlotte bank in her mailbox.
The first said she was being considered for a loan modification on the home she’d been battling to save from foreclosure for nearly six months.
The second said the bank needed more information to process her application.
The third said she’d been denied for all loan modifications.
Each letter bore the same date, Jan. 12. And her foreclosure hearing had already been set for just three weeks away.
“I thought they were supposed to make things better and easier,” Menetrier said as she spread reams of paperwork across her kitchen table. “What they’re doing is just wrong.”
The answer to transparent communications does not lie in increased headcount. The solution is not another software application purchased, implemented on top of current systems, and maintained by already stretched internal IT resources. The remedy lies in a partnership with a vendor that offers deep expertise in customer communications and whose approach starts at the core systems level of data and content management.
Download this white paper on why the status quo of today's mortgage communications is in need of fundamental change - IS YOUR BUSINESS "DISCONNECTED"?