OCIE® Automated Payoff Processing That Really Pays Off

The complex new CFPB mortgage servicing regulations are costing servicers valuable time, money and agent attention in order to achieve compliance. Servicing companies respond by placing more value on technology to efficiently streamline operations and reduce operating costs. Where some might recommend older technologies like facsimilies to provide cost effective solutions, Donnell Systems offers OCIE for better enterprise content management and delivery.

Lenders, servicers and closing agents are accustomed to payoff statement delivery to borrowers through facsimile but may not know that these same statements can be delivered even faster through digital transfer. Having an automated statement delivered through email or even SMS is also more secure and confidential. To assist servicers in auditing those statements could also be tracked and that information entered into OCIE as confirmation that it was received. See if their “older technology” or “facsimile” can do that.

Providing borrowers and title companies with a self-service method to automatically process payoff quote requests is one of the many OCIE capabilities. Using OCIE borrowers and their agents can request a payoff quote from their servicer any time that includes all the traditional payoff information pertaining to unpaid principal, interest, fees and associated costs, as well as actual payment instructions. If the servicer has the information available in their system and can provide that information digitally then OCIE can deliver and track it within reason. Auditors can be shown the time and date it was delivered and to whom should have received it.

This mundane process of sending payoff statements and answering requests is a routine transaction for closing agents. By automating this process servicers become more effective and efficient in their customer service. The servicer saves money because of the automation and they also realize a more efficient and controlled method of delivery. Their customer service representatives can then focus more on providing better customer service as intended.

 OCIE has plenty of features to help mortgage servicers manage their business-critical digital content and keep their company compliant. Features like process automation, document archive, custom reporting and various security and delivery options. Did you also know that OCIE is a great MSP reporting alternative? We can show you how you could save even more using your OCIE archived digital content rather than rely on expensive MSP reports for the same data. Check out our website at www.ocie.net and give us a call to request a free estimate or demonstration.