1 Concord Servicing Customer service should drive every part of a top-notch loan servicing and backup organization. - Concord Servicing

Customer service should drive every part of a top-notch loan servicing and backup organization.

Companies evaluating loan servicing and backup servicing will discover that the most critical criterion for success is customer service that permeates and drives every element of performance—from state-of-the-art technology and customer care to compliance and problem-solving.

Following are 6 essential areas to address when reviewing options:

  1. Compliance. Compliance with local, state, federal and, sometimes even international, law is critical. Your servicer should be a subject matter expert in consumer communications, data safety and security and compliance-related regulation.
  2. Customized Solutions.No company fits into a “one size fits all” box. Neither should your loan servicer. It should be about understanding your needs, requirements, and preferences first—then developing a tailor-made solution that fits like a glove.
  3. Comprehensive Technology Toolkit.This encompasses both established and emerging technology designed to meet today’s needs while planning for tomorrow’s. Your servicer needs to offer a robust program to create new, reliable technology solutions efficiently.
  4. Scalability. Your servicer must be tuned in to rapid growth in your organization when it occurs. This includes dedicating ample resources, both on the people and technology sides of the equation.
  5. Transparency. Tell it like it is. And prove it. Period. There is a natural tendency to “embellish” performance abilities to get contracts.
  6. Problem-Solving. Just about anyone can look good when all is well; it’s in the trenches where ultimate value is established.  Learn what systems are in place to aggressively and successfully deal with technology problems and setbacks.