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:
- 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.
- 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.
- 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.
- 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.
- Transparency. Tell it like it is. And prove it. Period. There is a natural tendency to “embellish” performance abilities to get contracts.
- 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.